Morocco’s Economy Set to Grow 3.3% in Q1 2020, HCP Forecasts Show

The Moroccan economy should grow by 2.3% in the 4th quarter of 2019 instead of 2.1% in the previous quarter. According to the HCP, it is driven by the increase in non-agricultural activities of 3.2%, year-on-year. As for the agricultural value added, it would have maintained its downward trend for the fourth consecutive quarter, showing a 5.4% decline.

Regarding global demand addressed to Morocco, it would have shown an increase of 1.1% during the same period, instead of +2.8% a year earlier, indicates the HCP.

As for the growth of national exports, it would have slowed to +0.1% in the fourth quarter of 2019, instead of +2% a quarter earlier, due to the decline in external sales of clothing, knitwear, agricultural and agri-food products.

In addition, imports would also have decelerated, showing a 0.9% increase in the fourth quarter of 2019, instead of 2.4% a quarter earlier, due to the decline in imports of energy goods and raw materials, in the wake of a easing of import prices. This decline would have led to a 2% increase in the trade balance deficit, the same source specifies.