Morocco’s economy will grow by 3.2% in the third quarter of 2024, up slightly from 2.9% in the second quarter, Morocco’s Statistics and Forecasts Office (HCP) announced on Monday.
This projection takes into consideration a 5.1% fall in agricultural value added, according to HCP estimates for the second and third quarters of 2024, while non-agricultural value added is predicted to increase by a healthy 3.9% year on year.
Morocco’s extractive industries’ upturn should continue in the third quarter, despite persistent falls in worldwide non-metallic resource prices.
Tertiary activities are predicted to grow significantly, with the tourism, transportation, and business services sectors driving the increase.
Morocco’s national economic growth will continue to be driven by sustained domestic demand, given that gains in purchasing power are expected to underpin a 3.2% year-on-year increase in household consumption.
Strengthened demand is expected to benefit all areas of economic activity, except agriculture and fishing, added HCP.
Investment spending is expected to return to a relatively more sustained rate of growth, ensuring further improvement in the national investment rate