Morocco anticipates 3% economic growth in Q2 2024

Posted on April 15, 2024   |  

Expected national economic growth for the second quarter of 2024 is predicted at 2.7%, up from an earlier estimate of 2.3%.

Despite a 4.1% decrease in agricultural value added, overall economic activity is set to grow by 2.7% in Q2 2024, with non-agricultural value added forecasted to increase by 3.7% year-on-year.

Industries like mining and construction are projected to continue growing at a rate of 5.3%.

Manufacturing output is expected to remain strong, driven by higher demand for chemicals and transport equipment sectors, although growth may slow due to challenges in textiles and agri-food sectors.

Service sector growth is likely to be around 3%, led by accommodation and non-market services.

Foreign demand for Moroccan goods is expected to improve gradually, resulting in a less negative impact on national economic growth from foreign trade. 

Exports are expected to rise by 9.1%, primarily from increased demand in Europe, while imports are forecasted to grow by 14.3% due to higher food prices and recovering equipment demand.