The national economy would have experienced a slowdown in its growth rate to 1.3% in 2022, instead of an average annual growth of 3.2% recorded between 2015 and 2019, according to the 2023 Economic Forecast of the High Commission for Planning (HCP).
“Net external demand would not have been favorable to activity in 2022, subtracting 1.3 points from overall economic growth. Exports would have been particularly dynamic, but the increase in imports would have been more sustained, driven by energy, food and chemical products,” said Thursday in Rabat, the High Commissioner for Planning, Ahmed Lahlimi Alami, in a speech read on his behalf by Secretary General of the HCP, Ayachi Khellaf, at a press conference dedicated to the presentation of the said budget forecast.
As a result, the trade deficit would have worsened to -22.7% of gross domestic product (GDP), he said, noting that the strengthening of trade in services would, however, limited that in resources to -15%, but the current account deficit would have worsened to -4.9% of GDP in 2022.
For its part, the rate of national savings would be reduced to 27.8% of GDP instead of 28.8% the previous year and the need for financing the national economy would be strengthened to reach its highest level in the last five years, or 4.9% of GDP in 2022.
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