Morocco: Growth Forecast At 2.7 Percent for Q2-2024 (HCP)

Rabat — National economic growth should reach 2.7% in the second quarter of 2024, in annual variation, instead of +2.3% a year earlier, according to the High Commission for Planning (HCP).

"Taking into account a 4.1% drop in agricultural value added, national economic activity is expected to grow by 2.7% in the second quarter of 2024", explained the HCP in its note on the economic situation for the first quarter of 2024 and outlook for the second quarter of the same year, noting that non-agricultural value added is expected to grow by 3.7% year-on-year.

The secondary branches are expected to continue their upturn at a rate of 5.3%, thanks in particular to the continued recovery of the extractive and construction industries, said the HCP.

Manufacturing output should remain buoyant, benefiting from stronger external demand for the chemicals and transport equipment sectors, the same source said, adding that the pace of growth in industrial activity could nonetheless dip compared with the start of the year, due to sluggishness in the textile and agrifood sectors.

Growth in services is expected to remain at around 3%, driven mainly by accommodation and non-market services.

As a result, foreign demand addressed to Morocco is expected to improve gradually, and foreign trade will weigh less heavily on national economic growth than in the first quarter of 2024, with a reduced contribution of -3.1 points instead of -3.9 points in the previous quarter.

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