Morocco’s Economic Growth To Stand at 3.4% in Q1 2023

Statistics and Forecasts Office (HCP) said Morocco’s economic growth will reach 3.4% in the first quarter of 2023.
HCP said this recovery would be mainly driven by a 6.7% increase in agricultural value added due to favorable weather and a 3% improvement in non-agricultural activities.
The national economy relies on the winter weather in 2023 to achieve that rate.
Households’ purchasing power, especially in rural areas, would be particularly sustained, allowing an increase in the consumer spending of 4.5% in the first quarter of 2023, instead of +1.1% year on year.
A continued tightening of monetary policy would contribute to a deceleration in business demand, but investment growth would be maintained, thanks to increased support from government spending.
In the first quarter of 2023, the contribution of domestic demand to economic growth is forecast to rise to +3.2%.
In terms of industry, development will be driven by the recovery of agricultural activities, depending on normal rainfall levels and ongoing expansion of services.