Akhannouch reports on economic resilience and trade expansion

Head of Government Aziz Akhannouch said in a monthly  accountability session in Parliament today that his government achieved an economic growth rate of 3.4% in 2023, with an average of approximately 4.4% over the past three years.

He highlighted that “Moroccan exports have continued their upward trajectory, amounting to a total of 331.5 billion dirhams by the end of September 2024,” reflecting a 5.3% increase compared to the same period in 2023.

Akhannouch addressed the government’s commitment to strengthening foreign trade and enhancing national exports as a catalyst for growth: “This government embraces this sound vision by making additional efforts to strengthen foreign trade.”

Akhannouch attributed the rising demand for Moroccan products in international markets to the kingdom’s efforts to balance its trade deficit. He noted significant contributions from the automotive and aviation sectors, as well as the food industry, which has become a leading exporter despite years of drought.

The Head of Government acknowledged the country’s resilience in facing economic shocks: “Our country, like other nations, has suffered from consecutive economic shocks, yet it has demonstrated significant resilience to circumstantial fluctuations.” He asserted that, despite challenges, the government has adapted to rapid changes in the international market, enhancing national sovereignty in strategic sectors.

he reported a decrease in inflation, which reached 1.1% during the first nine months of 2024, down from 6.1% at the end of 2023, noting that this rate is “low compared to most neighboring countries.”

Akhannouch also emphasized the government’s strategy to open up to new markets, positioning Morocco as a trade platform: “Despite all circumstances, our country has managed to strengthen its position in strategic sectors, enabling the national economy to achieve continental and international leadership.”

He outlined efforts to maintain job security in Morocco and protect the competitiveness of domestic businesses. While acknowledging positive export performance, he noted that imports have stabilized at 554 billion dirhams, reflecting a balanced approach.

The Prime Minister attributed the rise in some import components to economic recovery and increased demand. He stated, “This performance highlights the government’s ongoing efforts to improve the trade balance by enhancing national exports.”

Akhannouch affirmed that Morocco has become “an economic and trade project open at both regional and international levels,” aimed at building a competitive economy and making the kingdom a pivotal hub for investments.