Morocco’s economy is expected to grow by 4.6% in 2025, according to the Finance Ministry’s triennial macroeconomic report.
This growth is mainly attributed to a substantial rebound in agricultural value-added, assuming an average agricultural season for 2025.
Non-agricultural sectors are expected to maintain a similar growth pace as in 2024, contributing to the overall economic expansion.
The secondary and tertiary sectors are projected to grow by 2.9% and 4.1%, respectively, helping consolidate national economic performance.
Forecasts for 2025 are based on international factors like foreign demand growth of 3.2% and Brent oil averaging USD 80 per barrel.
Exchange rates for the Euro and Dollar are estimated at 1.085, Euro/Dirham at 10.77, and Dollar/Dirham at 9.8 for 2025.
Domestically, the agricultural sector could see a 70 million quintal output, spurring a projected 11% value-added growth.
Non-agricultural value-added is set to continue expanding, with a growth rate of 3.7% predicted for the year 2025.
Exports are expected to decelerate slightly but grow by 7.1%, while imports are forecast to increase by 6.8% in 2025.
Net external trade’s contribution to GDP growth is expected to be negative at -0.8 percentage points due to rising import levels.
Final consumption is projected to contribute 3.9 points to growth, driven mainly by household spending, contributing 2.8 points.
Government spending will add 1.1 points, while gross fixed capital formation will contribute 0.8 points to GDP growth.
The report is divided into three sections covering recent economic developments, fiscal execution, and budgetary outlook for 2025-2027.
It also highlights the execution of Morocco’s 2023 budget, updated projections for 2024, and fiscal indicators up to June 2024.
The Finance Ministry’s report provides valuable insights into Morocco’s macroeconomic forecasts and budgetary strategy for the coming years.