The 2024 Draft Finance Bill expects Morocco’s economy to grow by 3.7% in 2024 after 3.4% this year, according to the budget implementation and three-year macroeconomic framework report (2024-2026).

These forecasts are based on the latest economic data at the national level and the uncertainties which weigh on the evolution of the international situation, the report points out.

These forecasts set a cereal production at 75 million quintals, the price of butane gas at 500 dollars per ton, the Euro-dollar parity at 1.081, and the increase in foreign demand addressed to Morocco (excluding phosphate products and derivatives) at 2.9%, the same source notes.

Taking into account the forecasts of an agricultural campaign of 75 million quintals, the agricultural added value should increase slightly and record a 5.9% growth. The non-agricultural added value should maintain its pace at a rate close to that of the previous year, standing at 3.4% in 2024 after 3.3% in 2023.

As for the growth of foreign demand addressed to Morocco, it should continue to grow at the same moderate rate in 2023 to increase by 2.9% in 2024 after 2.7% in 2023 and 5, 6% in 2022.

This should lead to a slight acceleration in export growth of 6.4% after 5.6% in 2023. Import growth should, for its part, stand at 5.9% after 5.3% in 2023.

Secondary and tertiary sectors are expected to consolidate their growth rates and continue their improvement to reach 2.6% and 3.8% respectively in 2024.

Source: Agency Morocaine De Presse