Morocco's economy expected to reach 2.8% in 2024

Economic growth in Morocco is projected to slow to 2.8% in 2024 before rebounding to 4.4% in 2025, according to Bank Al-Maghrib (BAM) projections.

The forecast includes a 6.9% contraction in agricultural value added in 2024, followed by an 8.6% increase in 2025, assuming average cereal production of 55 million quintals, BAM specifies in a press release on the third quarterly meeting of 2024 of its Council.

Driven primarily by manufacturing, mining, and tourism-related activities, non-agricultural growth is expected to continue improving, from 3.6% in 2023 to 3.9% in 2024 and 2025.

«While agricultural production remains largely dependent on weather conditions, available infra-annual data broadly indicate a continued recovery in non-agricultural activities. This trend is expected to be supported in the medium term by the anticipated boost in public and private investment», BAM notes.