Morocco’s economic growth is expected to average 4.2% over the 2028-2029 period, according to the budget execution and three-year macroeconomic framework report accompanying the 2027 Finance Bill.
The forecast is based on continued momentum in non-agricultural activities, with their value added projected to rise by an average of 4.2% annually, according to the report published on the website of the Ministry of Economy and Finance.
The secondary sector is expected to grow by an average of 4.3% per year over the period, while value added in the tertiary sector is projected to increase by an average of 4.1% annually.
Agricultural value added is also forecast to expand by an average of 4.3% over the same period, based on the assumption that cereal production will stabilize at 70 million quintals per year, alongside continued growth in other agricultural sectors.
The report said the preparation of the 2027-2029 Three-Year Budget Programming takes place against a backdrop of major economic, social and geopolitical challenges. Despite these pressures, the Moroccan economy has demonstrated resilience, supported by structural reforms undertaken in recent years and the continued implementation of large-scale strategic projects.
Economic growth is forecast at 5.3% this year and is expected to remain on a positive trajectory, reaching 4.2% in 2029. The performance will be driven mainly by the agricultural sector and the continued momentum of non-agricultural activities.
Fiscal consolidation will remain a central priority during the 2027-2029 period, with the government seeking to gradually reduce both the budget deficit and public debt while creating the fiscal space needed to finance development projects.
The government has set a target of bringing the budget deficit down to 3% of gross domestic product (GDP) in each of 2027, 2028 and 2029, while reducing the debt-to-GDP ratio to 63% by 2029.
The main budgetary priorities for the 2027-2029 period will include tighter control of public-sector payroll costs, the rationalization of operating expenditure and improved efficiency in public investment spending.
