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Bank Al-Maghrib expects 6.7% growth in Morocco in 2021

The Moroccan economy is expected to grow by 6.7% for the year 2021 thanks to progress in vaccination, the maintenance of budgetary and monetary stimulus and the very good agricultural season, underlines Bank Al-Maghrib (BAM) in a press release sanctioning the work of the last quarterly meeting of its Board for 2021.

BAM thus recorded increases of 18.8% in agricultural value added and 5.3% in that of non-agricultural activities.

Over the next two years, the pace of activity will largely depend on the evolution of the health situation at the national and international levels and the restrictions that the authorities would have to put in place, said the same source, noting that BAM’s projections, in the central scenario, expect growth to consolidate to 2.9% in 2022 and 3.4% in 2023.

The added value of non-agricultural activities would continue to improve at rates of 3.2% in 2022 and 3.4% in 2023 and, under the assumption of average cereal harvests of 75 million quintals annually, that of the agricultural sector would decline by 2.8% in 2022 and would increase by 2% in 2023.

On the labor market, the latest data relating to the third quarter of 2021 show a clear recovery with the creation of 642,000 jobs and a net entry of 607,000 job seekers, notes the Central Bank, indicating that the activity rate thus increased by 1.6 percentage points to 45.1% and the unemployment rate fell by 0.9 percentage point to 11.8%.

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