In-Depth Analysis
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.
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 |