Morocco’s Economy Set to Grow 3.9% by 2021, AfDB Report Forecasts

In its annual report, the AfDB reassures and indicates that "the medium-term economic outlook in Morocco remains favorable and real GDP growth is expected to rebound to 3.7% in 2020 and 3.9% from 2021".

According to the AfDB, since 2013, the momentum of export diversification in global value chains has been consolidated (+13% for the automotive industry, +8.2% for the agri-food industry, +10.1% for the aeronautics industry and +6% for electronics).

However, since 2013, the weight of the secondary sector in GDP has remained almost constant (26.1% on average) and the weight of agriculture in GDP has also stagnated at 12.1% on average. As for the budget deficit, financed by the domestic market, it fell to 3.6% of GDP in 2019, and should reach 3.3% in 2021, thanks to better fiscal performance and better control of expenditure.

Regarding the Treasury debt, it is estimated at 65.3% of GDP in 2018 and should decrease to 65.1% in 2019, then to 63.1% in 2021, due to a more robust real GDP growth. The current account deficit (5.5% of GDP in 2018 due to the oil bill and equipment imports) should drop from 4.6% in 2019 to 3.9% in 2020, then to 3.7% in 2021.