2023-07-03 18:27:00
(Agence Ecofin) – The Moroccan economy is facing the lingering effects of global economic shocks. However, the recovery in the agricultural and non-agricultural sectors favored growth in the country’s economic activity during the first 3 months of this year, according to the High Commission for Planning.
Morocco’s economy recorded 3.5% growth in the first quarter of 2023, compared to 0.5% in the same period in 2022. This is according to a press release from the High Commission for Planning (HCP), this Monday, July 3.
According to the information note, this increase is explained by the recovery in the agricultural and service sectors over the period studied.
Indeed, the agricultural sector recorded an increase of 6.9%, against a drop of 12.2% over the periods studied. The services sector, meanwhile, was driven by a strong improvement in hotel and restaurant activities, with 53.9%, against 31.6%. This coincides with the influx of 2.9 million tourists recorded in the first three months of this year, an increase of 17% compared to the same period in 2019, according to the authorities.
It should also be noted that there was a positive contribution from foreign trade over the period studied. According to the HCP, foreign trade in goods and services made a positive contribution to growth in the first quarter of 2023, standing at 3.6 points, against 2.3 points in the same period last year.
According to the outlook of the International Monetary Fund (IMF), Morocco’s economic growth is expected to reach 3% in 2023, compared to 1.1% in 2022. Annual headline inflation, meanwhile, will be down 2 points. basis, dropping from 6.6% in 2022 to 4.6% this year.
Charlene N’dimon (intern)
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