São Paulo – Morocco could grow 1.3% this year and 2.5% next year, according to data released by the High Commission for Planning (HCP), the official Moroccan statistics office. Information was published in the Maghreb Arabe Presse (MAP) news agency this Thursday (14), with projections announced by the secretary general of the HCP, Avachi Khellaf.
Last year, the Moroccan economy grew above projections for the forthcoming years, at 7.9%. However, the baseline was 2020, when countries were strongly affected by the COVID-19 pandemic worldwide. The HCP informed the expected slowdown for this year is due to a 13.5% drop in agricultural sector production, while other segments recorded an increase.
The growth estimate for the coming year is based on a possible boost of 11.8% in agricultural sector revenue and 3.7% in other segments. The HCP considered an average level of agricultural performance in the 2022/2023 crop, a slight drop in global demand from Morocco, the renewal of the 2022 budget, and the oil barrel price at USD 100 to outline the projection.
Translated by Elúsio Brasileiro
