National economic growth is expected to reach 2.8% in 2024, before accelerating to 4.5% in 2025, according to projections by Morocco’s central bank.
Non-agricultural activities are expected to strengthen at rates of 3.8% in 2024 and 4.1% in 2025, while agricultural value added is forcast to decline by 6.9% in 2024, before rebounding by 8.6% in 2025, Bank Al-Maghrib (BAM) said in a statement on its Council’s 2nd quarterly meeting in 2024, held Tuesday in Rabat.
Strengthening non-agricultural activities would be driven mainly by various launched and planned projects, the continuation of the dynamic in tourism-related activities, as well as the consolidation of household consumption in relation to the decline in inflation and salary revaluations, the same source specifies.
Regarding agricultural value added, BAM’s forecasts take into account a cereal harvest estimated by the Department of Agriculture at 31.2 million quintals (Mqx) and are based on the assumption of a return to an average cereal harvest of 55 million quintals (Mqx).
The Central Bank also recalls that economic growth accelerated from 1.5% in 2022 to 3.4% in 2023, resulting from an improvement of 3.5%, after 3.4%, in non-agricultural value added, and a slight recovery of 1.4%, after a decrease of 11.3%, in agricultural value added .
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