The national economy of Morocco is projected to grow by 2.8% in 2024 and to accelerate to 4.5% in 2025, according to forecasts from Bank Al-Maghrib (BAM).
Steady growth in non-agricultural sectors
Non-agricultural activities are expected to strengthen with growth rates of 3.8% in 2024 and 4.1% in 2025. In contrast, the agricultural sector’s added value is anticipated to decline by 6.9% in 2024 but rebound significantly by 8.6% in 2025, BAM announced during the second quarterly meeting of its Board in 2024, held on Tuesday in Rabat. The growth in non-agricultural sectors is driven by various ongoing and planned projects, the sustained momentum of tourism-related activities, and the consolidation of household consumption linked to declining inflation and salary increases, the statement added.
Agricultural sector projections
BAM’s forecasts for the agricultural sector are based on an estimated cereal harvest of 31.2 million quintals for 2024, as reported by the Ministry of Agriculture. These projections also assume a return to an average cereal harvest of 55 million quintals in 2025.
Recent economic performance
The Central Bank also highlighted that the Moroccan economy witnessed an acceleration from 1.5% growth in 2022 to 3.4% in 2023. This improvement was attributed to a 3.5% increase in non-agricultural added value, up from 3.4%, and a modest recovery in agricultural added value, which rose by 1.4% after a sharp decline of 11.3% the previous year.
Key drivers of growth
The boost in non-agricultural sectors is expected to be propelled by:
- Various construction and infrastructure projects.
- Continued growth in tourism.
- Increased household consumption due to lower inflation and higher wages.
These factors are essential for sustaining economic momentum and ensuring a broad-based recovery across different sectors.
