Morocco’s economic growth is expected to settle at 3% in 2024, a slight dip from the 3.4% growth in 2023, according to the High Commission for Planning (HCP).
The expected growth is primarily driven by a 6.8% increase in taxes on products net of subsidies, which refers to the value of goods and services after accounting for any government subsidies.
The country’s primary sector, including agriculture and fisheries, is expected to contract by 4.6% in 2024, following a 1.6% growth in 2023. This decline is attributed to a projected 3.9% increase in fisheries activities.
Non-agricultural activities, however, are expected to fare better, with an estimated average growth of 3.6%, propelled by robust investment and a rebound in external demand.
Morocco’s main industries are poised for a 3.1% growth in added value, up from 2.7% in 2023, bolstered by a recovery in the chemical industries driven by increased external demand.
The transport equipment sector is also expected to continue on a positive trajectory, supported by sustained strength in the automotive industry and expansion in aerospace, particularly in assembly and electrical wiring.
However, the food processing industry is projected to experience limited growth of 1.6% due to negative impacts from upstream agriculture.
The textile sector is likely to remain under pressure from heightened international competition and weak demand.
The construction sector is forecasted to rebound with a 3.9% growth in 2024, following a 0.4% decline in 2023. This rebound is attributed to a 56% increase in public sector investments and the implementation of significant infrastructure programs.
The mining sector is set for a remarkable recovery, with a projected 10% growth in 2024, after declining by 2.7% in 2023 and 23% in 2022.