Morocco’s High Commission for Planning (HCP) expects economic growth to amount to 3.3 percent in Q1 2020, exceeding the 2.5 percent growth during the same period in 2019.
It attributed this growth to anticipated growth in the agricultural activities sector by 6.8 percent and the non-agricultural activities by about 2.8 percent, during this years’ first quarter.
It also expected a less restrictive international context for the national economy in the first quarter of 2020.
“With the fears of a global recession and the easing of trade tensions between China and the United States, world trade will pick up some momentum.”
“Under these conditions, the global demand addressed to Morocco would benefit from a slight revival of dynamism in imports from the eurozone and would show an increase of 1.3 percent, in annual variation,” according to the economic outlook.
It also pointed to an expected development in the national economy during the first quarter of 2020 “in light of an international circumstance characterized by a slight improvement compared to the previous quarter.”
It comes in line with the decrease in fears of a global economic crisis and the decrease in trade tension between China and the United States.
The HCP noted that global trade exchanges will witness a slight recovery, while the global economy will continue to grow at a below-average rate.
It said the global economy will remain subject to inflationary pressures associated with the hike in oil prices in international markets, as the inflation rate will be close to two percent at the global level.
Meanwhile, the global demand for Moroccan exports is expected to increase by 3.1 percent in 2020, the HCP said.
The report revealed that consumption loans increased by 4.7 percent in the last quarter of 2019, proving that the expenditure of Moroccan households is on the rise, along with purchase power.
Consumption expenditure for Moroccan households reached 2.5 percent, compared to two percent in the previous quarter, while public expenses increased by 3.7 percent.
