Morocco’s Economic Growth Slows to 1.4% in Q4 2022, HCP Projects

Contrary to 2021 where the growth rate was 9.6%, Morocco could close the year 2022 at only 4%. Several factors come into play and explain this slide. There is the fall in external demand, the 15.8% drop in agricultural value added and the 3.3% increase in non-agricultural value added, year-on-year.

The note points out that in anticipation of this growth, the secondary sector could see a decline in mining activities and the growth of industrial activities, thus leading to a 0.7% increase in the value added of the secondary branches.

As for household consumption, its progression would be 2.6%, due to a slight change in consumer prices. The HCP advises business leaders to be more cautious "in the face of the tightening of financial conditions and the prospects of a reversal of the international economic situation".