Morocco’s economy is expected to grow by 4.6% in 2025, Nadia Fettah, Minister of Economy said.
The positive growth projection follows an anticipated growth rate of 3.3% in 2024, reflecting signs of national economy recovery.
Presenting the 2024 Budget execution, the 2025 finance bill framework and the three-year budget plan for 2025-2027, Fettah said that medium-term growth is expected to surpass the 4% threshold.
During a joint meeting of the finance committees of both Houses of Parliament, chaired by Moroccan Upper House spokesperson, Enaam Mayara, Fettah pointed out that the figures are “subject to revision should global growth prospects, especially in Europe, deteriorate due to geopolitical tensions, or if another year of drought leads to below-average agricultural output.”
Macroeconomic framework assumptions for 2025-2027 include cereal production reaching 70 Mln quintals, Brent crude oil priced at 80 dollars per barrel, Butane gas at 450 dollars per ton, 9.8 dirhams to the dollar exchange rate and inflation rates to stabilize at 2%.
The budget deficit is expected to be reduced to 3.5% of GDP in 2025, further landing at 3% in 2026-2027. Predictions for the debt ration as set at an approximate 66% from 69.5% by the end of 2027.
As for the execution of the 2024 Budget, Fettah stated that inflation is expected to return to levels consistent with the price stability objective, averaging 1% in the first half of 2024 compared to 7.9% during the same period in 2023, due to a decrease in food prices.
The same period was characterized by a 4.4% increase of exports and a 2.3% of imports, the trade deficit decreased by 1%, equivalent to 1.2 Bln MAD .
The current account deficit of the balance of payments should not exceed 2% of GDP in 2024, Fettah said.
The budget deficit decreased to 27.5 billion dirhams during the first half of this year, representing approximately 44.3% of the level projected by the finance law.