Morocco : Growth forecast at 5.2% in 2021

(with MAP)
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The national economy should post a growth rate of 5.2% for this year, i.e. 0.4 point more compared to the forecasts of the 2021 appropriation bill, said the Economic Monitoring Committee (CVE), convened on Friday by teleconference mode.

«The favorable outlook for the crop year and the exemplary progress of the vaccination operation are all factors that will give new impetus to the growth of the national economy in 2021», underlined the Ministry of Economy, finance and administration reform in a press release following the 12th meeting of the said committee.

The examination of the economic and financial situation at the start of 2021 ushers in a positive evolution of economic activity, said the same source.

This is evidenced by the favorable direction of the main economic indicators (expected increase in quarterly gross domestic product of 0.5% in the first quarter of 2021, rebound in cement sales of 3.9% during the same period, increase in receipts of Moroccans living abroad by 22% at the end of February, etc.), even if certain sectors of activity remain in the grip of recessive tensions, including tourism (drop in tourist arrivals by 81% at the end of February), aeronautics (drop in exports by -22.7% at the end of February) and certain tertiary activities.

The CVE also noted that some export-oriented sectors, particularly automotive and textile-clothing industries, are showing signs of downturn, in connection with the situation of European markets severely affected by the new wave of the pandemic.

With regard to public finances, the implementation of the  2021 appropriation bill at the end of March is in line with forecasts, supported by an increase in revenue in terms of income tax, value added tax and customs duties, which offsets the significant drop in corporate tax.

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