In-Depth Analysis
Morocco
The Moroccan economy is fairly well diversified. However, it remains vulnerable in two main areas: firstly, its external position is highly reliant on the euro zone; and secondly, private consumption is highly dependent on the agricultural sector.
Economic growth slowed to 2.4% y-o-y in Q3, compared with 2.5% y-o-y in the previous quarter, owing to a continued contraction in agricultural output, as well as slowing growth in the non-agricultural sector. Rainfall deficits have threatened cereal production prospects in the country this year, while a general slowdown in global growth is expected to have negatively impacted the non-agricultural sector’s prospects, with exports of phosphates, textiles and electronics having slowed this year. Nonetheless, Morocco’s high-value added sectors, including automobile and aerospace industries, appear to have been less hard-hit by the meek global economic growth outlook. Looking ahead, real GDP growth is forecast to slow down in 2019, averaging 2.6%, compared with 3.0% in 2018, before picking up to 3.7% p.a. over the 2020-25 period. (Source: Morocco Quarterly Update, published December 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-3.7 |
|
Consumer Price Index (% change y-o-y, avg) |
1.9 |
|
Current Account Balance (as a % of GDP) |
-5.4 |
|
Real GDP (annual % change) |
3.0 |
|
GDP per Capita, US$ |
3,289.3 |
|
Import Cover (months) |
5.3 |
|
Population, million |
36.0 |
| Total External Debt (as a % of GDP) |
43.5 |