Morocco’s Industrial Production Index (IPI) increased by 2% year-on-year in the first quarter of 2024, slowing from an 8% increase in the previous quarter, according to Morocco’s Statistics and Forecasts Office (HCP).
Growth was primarily driven by an uptick in information technology products (+31.3%), manufacturing of chemical products (+13.2%), automotive (+9.2%), paper products (+7.1%) and pharmaceuticals (+7.3%), HCP pointed out in its latest report.
In contrast, tobacco manufacturing declined (-28.6%) as well as clothing (-8.4%) and metal products, excluding machinery (-11.7%), the same source noted.
Manufacturing production in Morocco grew by 8% year-on-year in the fourth quarter of 2023, the most since Q2 2021.