Morocco’s national economy expanded by 3% in the fourth quarter of 2024, down from the previous quarter’s 4.3% growth, according to Morocco’s statistics office (HCP).
Projections for the first quarter of 2025 suggest a rebound, with growth expected to hit 3.5%, driven by winter rainfall and stable global inflationary conditions.
After a subdued first half of 2024, the economy rebounded strongly in the third quarter. Its 4.3% overall growth was driven by non-agricultural activities which surged to 5.1%, outperforming their first-half average of 3.2%.
The growth was fueled by robust domestic and international demand and improved capacity utilization across key sectors.
Morocco’s exports grew by an impressive 9.8% in the third quarter, spurred by demand from Europe and Asia. Industries such as chemicals, electronics, automobiles, and textiles saw double-digit value-added growth, while household consumption increased by 3.9%.
Investment also surged by 13.5%, driven by business equipment upgrades and infrastructure projects.
Morocco’s economy is expected to recover even further in early 2025, with GDP forecast to rise by 3.5%. Non-agricultural sectors are expected to grow at a steady 3.5%, supported by household purchasing power gains derived from fiscal measures and stable inflation.