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Morocco

A fairly diversified Moroccan economy will help mitigate damages from the Covid-19 pandemic relative to commodity dependant countries. The country remains vulnerable in two main areas: firstly, its external position is highly reliant on a slowing eurozone economy; secondly, rising temperatures and the delayed onset of rains threaten the agricultural sector.

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Morocco’s slow and gradual economic recovery began in Q3 with real GDP rising by 8.8% q-o-q, after declining by 14.4% q-o-q in the previous quarter. On a y-o-y basis, however, real GDP still contracted by 8.7%, compared with a decline of 14.9% y-o-y in Q2. Although consumption levels gradually recovered in Q3, the bounce back was hampered by a resurgence of Covid-19 restrictions amid a second wave. The contraction in investment was also deeper in Q3, compared with Q2, as global uncertainty brought about by the pandemic continued to weigh on foreign investment. (Source: Morocco Quarterly Update, published November 2020.)

Macroeconomic Data

(2019)

Fiscal Balance (as a % of GDP)

-4.1

Consumer Price Index (% change y-o-y, avg)

0.2

Current Account Balance (as a % of GDP)

-4.1

Real GDP (annual % change)

2.5

GDP per Capita, US$

3,282.4

Import Cover (months)

5.5

Population, million

36.5

Total External Debt (as a % of GDP)

45.6

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