The Moroccan economy is expected to grow by 2.4% in 2023, improving to 3.3% in 2024, according to projections by Bank Al-Maghrib (BAM).
The succession of two years of drought combined with a generally unfavorable external environment continue to weigh on economic activity. With cereal production estimated by the Department of Agriculture at 55.1 million quintals, growth in agricultural value added should be limited to 1.6% in 2023, following a contraction of 12.9% a year earlier, said BAM in a statement issued following the second quarterly meeting of its Board for 2023.
In 2024, BAM forecasts a 5.5% increase in agricultural value added, assuming a cereal harvest of 70 million quintals.
For the non-agricultural sectors, growth in value added should slow from 3% in 2022 to 2.5% in 2023, before accelerating to 3.2% in 2024.
