Morocco Economic Forecast
November 3, 2020The economy shrank 9.0% on an annual basis in Q3, according to preliminary government figures, softening somewhat from the near 15.0% contraction recorded in Q2. An uptick in agricultural production is set to have driven the moderation, although continued contractions in the industrial and textile sectors will have weighed on overall output. This comes amid tumbling consumer sentiment, with the household confidence index dropping to a series-low reading in Q3. Furthermore, a rapid increase in daily Covid-19 cases through October forced the government to extend the state of emergency to 10 November, boding ill for activity in Q4. Meanwhile, Fitch Ratings downgraded the country’s credit rating to BB+ from BBB-, effectively cutting it to junk status, due to the harsh impact of the pandemic on the country’s finances and debt levels.
Morocco Economic GrowthGDP is projected to recover in 2021 following the sharp contraction expected for this year. A rebound in household and capital spending should bolster the domestic economy, while an ameliorating external panorama should benefit exports. However, the prolonged nature of the pandemic and its impact on the vital tourism sector remains a key risk to the outlook. FocusEconomics analysts project the economy to expand 4.6% in 2021, which is up 0.3 percentage points from last month’s forecast, and to grow 3.6% in 2022.
Morocco Economy Data
5 years of Morocco economic forecasts for more than 30 economic indicators.
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|Bond Yield||3.02||0.0 %||Dec 31|
|Exchange Rate||9.56||-0.29 %||Dec 31|
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