Morocco’s economy to grow 0.8% in third quarter

Morocco’s economic growth will slow down to 0.8% in the third quarter this year, compared to 8.7% the same period last year, the high commissioner for planning HCP said.

The HCP mentioned the impact of the geopolitical tensions and imported inflation that has slowed the post-covid growth of the Moroccan economy.

Global demand on Morocco would also slow to 4.2% in the third quarter, compared to 7.3% the same period last year, while domestic demand will increase by 1.6%, compared with 8% last year, amid low household consumption and investment, it said.

The central bank expects growth to plummet to 1% this year from 7.9% last year, due to low agricultural yield.

The government for its part expects growth not to exceed 1.7% amid fiscal pressures resulting from imported inflation, higher spending on subsidies and higher prices of commodities.