The economic growth would accelerate to reach 3.4% in the first quarter of 2023 in annual variation instead of an increase of 0.3% during the same period of the previous year, estimates Morocco’s Statistics Office.
It would be, mainly, carried by a recovery of 6.7% of the agricultural value added and an improvement of non-agricultural activities of 3%, says the High Commission for Planning (HCP), which published its note of business cycle of the 2022 fourth quarter and prospects for the first quarter of 2023.
The national economic growth will have to show resilience if the 2023 winter weather conditions adjust to the normal season, stresses the HCP, noting that the recovery of household purchasing power, especially in rural areas, would be particularly sustained, allowing an increase in their consumer spending of 4.5% in the first quarter of 2023, in annual variation, instead of +1.1% during the same period 2022.
The continued tightening of monetary policy would, on the other hand, contribute to slowing business demand, but investment growth would be maintained, thanks to increased support from public spending.
Overall, the contribution of domestic demand to overall economic growth is expected to increase to +3.2 percentage points in the first quarter of 2023, compared with +0.8 percentage points in the same period of the previous year, the same source noted.
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