The High Commission for Planning reported that Morocco’s economic growth is expected to grow by plus 2.4 percent during the first quarter of 2024, on an annual basis, instead of plus 3.5 percent during the same period last year.
The delegation explained, in a summary of the economic situation for the fourth quarter of 2023 and expectations for the first quarter of 2024, that “the national economy is likely to witness a moderation in the pace of its growth during the first quarter of 2024,” highlighting that the recovery witnessed at the end of 2023 will be affected by the repercussions of the return of the seasonal drought.
The delegation indicated that the beginning of the 2023/2024 agricultural season witnessed a noticeable delay in the planting of early crops, noting that a deficit in precipitation was recorded during the first four months of this season amounting to 53 percent compared to the same period during a normal agricultural season.
However, the delegation adds, it is expected that the agricultural value added will achieve an increase of 0.5 percent, according to the annual change, given the assumption of the return of a climate regime that approaches the rain trends that characterize a normal agricultural season starting in the first semester of 2024.
As for the non-agricultural sector, it is expected to continue to grow at a rate of 2.8 percent, with activity continuing to accelerate in secondary sectors, especially the chemicals, transportation equipment, and automobile industries.
The added value of extractive industries will also continue to improve, with an estimated increase of 9.4 percent instead of minus 11.8 percent during the previous year. As for services, the pace of growth of their activities will remain modest, contributing 1.6 points to the growth of the national economy, compared to 0.5 points for the secondary sector.