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

National economic growth will increase by +3.3% in the first quarter of 2020, compared to +2.5% in the first quarter of 2019, according to the High Commission for Planning, in its business outlook for the fourth quarter of 2019 and its prospects for the first quarter of 2020.
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.
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