The High Commission for Planning (HCP) has released its exploratory economic budget for 2025, presenting a detailed outlook on Morocco’s economic performance and projections.
Economic situation in 2024
For 2024, the national economy is expected to grow at a rate of 3%, slightly down from the 3.4% growth recorded in 2023. The primary sector’s added value is projected to decline by 4.6%, reflecting some challenges in agricultural outputs. However, inflation is anticipated to decrease significantly, dropping to 1.8% from the high 6.4% seen in 2023. This reduction in inflation is a positive sign for consumers and the economy at large.
Internal demand is forecasted to rise by 3%, indicating a steady increase in domestic consumption and investment. The budget deficit is expected to ease to 4%, suggesting improved fiscal management. On the other hand, treasury debt is projected to continue its upward trend, reaching around 70.3% of GDP, a concern that will need addressing in future fiscal policies. Net foreign assets are anticipated to grow by 6.2%, ensuring the country can cover 5.1 months of imports of goods and services, which is a reassuring indicator of Morocco’s external economic stability.
Economic outlook for 2025
Looking ahead to 2025, Morocco’s GDP is projected to grow by 3.7%, driven by significant improvements in various economic sectors. The primary sector is expected to see a substantial rebound with an 8.5% increase in its added value, highlighting a potential recovery in agricultural production and related industries. Non-agricultural activities are also set to perform well, with a projected growth of 3.2%.
Internal demand is forecasted to rise by 3.5%, contributing approximately 3.7 points to the GDP growth, showcasing the increasing strength of domestic consumption and investment. National savings are expected to reach 28.3% of GDP, indicating a healthy level of economic reserves.
The budget deficit is projected to narrow to 3.8% of GDP, reflecting better fiscal management and economic stability. The treasury debt ratio is expected to decrease slightly to around 70.1% of GDP, while the overall public debt ratio is projected to drop to about 82.4% of GDP, signaling gradual improvements in public debt management.
