Morocco’s Economy Set to Grow 3.6% in 2024, Boosted by Agriculture and Global Demand

According to the High Commission for Planning (HCP), this forecast is based on several assumptions, including the recovery of the world economy, an increase in foreign demand for Morocco, and a reduction in raw material prices.

In the agricultural sector, an 8.3% increase is expected in 2024, instead of 6.7% in 2023, supported by the consolidation of crop production and an expected improvement in livestock activity. Non-agricultural activities should maintain a growth rate of around 2.9% in 2024. The secondary sector should also see an increase, particularly in the mining and energy sectors, manufacturing industries, and construction, with a 2% increase in value added expected for 2024, compared to 0.3% in 2023.

The mining sector’s value added should increase by 1.6% in 2024, after mixed performance since 2022, thanks to external demand, particularly from India and Brazil. The construction sector should also experience stronger growth than in 2023, due to the stabilization of construction material prices and the increase in public investment. Market services should grow by 3.1% in 2024, thanks to the recovery of domestic demand and the improvement of tourism, commercial and transport activities.

GDP at current prices should increase by 5.5% in 2024, compared to 6.2% in 2023, with inflation measured by the implicit GDP index expected to slow to 1.8% in 2024, according to the HCP. These forecasts for 2024 are based on the assumption of an average cereal production during the 2023/2024 agricultural season and the continuation of the budgetary policy in force in 2023.