Moroccan economy expected to grow 2.7% in 2023, Central Bank says

The growth of the national economy is expected to grow 2.7% in 2023, gradually improving to 3.2% in 2024 and further to 3.4% in 2025, according to projections from Bank Al-Maghrib (BAM, Morocco's central bank). 

In a statement released after its latest quarterly meeting for the year 2023, BAM highlighted that taking into account a cereal production of 55.1 million quintals in the previous season, agricultural value added is expected to enhance by 5% in 2023.

The agricultural value added is projected to increase by 5.9% in 2024 and by 2% in 2025, assuming average cereal productions of 70 million quintals and the continued positive performance of other crops.

For non-agricultural activities, the growth rate of their value added is expected to be 2.5% this year, rising to 2.7% in 2024 before accelerating to 3.7% in 2025. This surge is attributed to the anticipated recovery in the industrial and construction sectors.

The economic impact of the Al Haouz earthquake is expected to be minimal, according to various assessments, including one conducted by Bank Al-Maghrib.

On the other hand, the realization of numerous large-scale projects currently underway or planned is fostering optimism for a new momentum in investment and economic activity in the medium and long term.