Morocco Economic Forecast

Morocco Economic Forecast

October 30, 2018

Preliminary data suggests growth accelerated in Q3, thanks largely to a strong harvest buttressing agricultural output. Industrial sector activity also appeared to have increased on a rebound in mining and quarrying output. Meanwhile, robust tourist inflows should have supported the services sector, despite consumer confidence dropping in the quarter. On 22 October, the government presented the draft 2019 budget to parliament, which calls for an approximate 11% increase in expenditures, with notable spending increases in health, agriculture and tourism.

Morocco Economic Growth

Growth should pick up in 2019 and 2020, supported by a strong tourism sector and recent reforms to attract foreign investment in key industries, which should start to buttress FDI inflows in coming quarters. Met the why particular panelists expect growth 3.4% in 2019, down 0.2 percentage points from last month’s forecast, and 3.7% in 2020.

Morocco Economy Data

Population (million)33.433.834.134.534.9
GDP per capita (USD)3,1433,3462,9763,0123,119
GDP (USD bn)115113112114119
Economic Growth (GDP, annual variation in %)
Consumption (annual variation in %)
Investment (annual variation in %)-0.5-
Industrial Production (annual variation in %)
Unemployment Rate9.
Fiscal Balance (% of GDP)-5.1-4.7-4.2-4.0-3.6
Public Debt (% of GDP)61.763.463.764.764.5
Money (annual variation in %)
Inflation Rate (CPI, annual variation in %, eop)
Inflation Rate (CPI, annual variation in %)
Policy Interest Rate (%)3.002.502.502.252.25
Exchange Rate (vs USD)
Exchange Rate (vs USD, aop)8.418.419.759.819.71
Current Account (% of GDP)-7.9-5.7-2.1-4.2-3.6
Current Account Balance (USD bn)-8.5-6.6-2.2-4.4-3.9
Trade Balance (USD billion)-23.6-21.2-14.7-17.8-18.2
Exports (USD billion)22.020.518.718.921.4
Imports (USD billion)45.641.733.436.739.6
Exports (annual variation in %)2.9-7.0-8.91.313.1
Imports (annual variation in %)1.8-8.7-
International Reserves (USD)18.820.222.725.026.1
External Debt (% of GDP)37.938.843.145.548.1

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Morocco Facts

Bond Yield3.700.0 %Jul 31
Exchange Rate9.52-0.29 %Nov 15
Stock Market11,153-0.23 %Nov 15

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