Morocco’s economy expands 4.3% in Q3 as inflation eases

Morocco’s economy expanded by 4.3 percent in the third quarter of 2024, compared to 3 percent a year earlier.

The growth was primarily driven by increased domestic demand and easing inflation, Morocco World News reported, citing data from the High Commission for Planning.

Non-agricultural sectors led the upturn, growing 5.1 percent despite agricultural activity contracting by 5.2 percent.

Mining and extractive industries grew by 15.9 percent, rebounding from a 3.3 percent decline a year ago. Manufacturing output rose by 7.5 percent, up from 1.8 percent a year earlier.  

Construction and public works growth reached 6.9 percent in the third quarter, compared to 0.9 percent in the same period last year.

• Why rain is critical for Morocco’s economy
• Morocco reports 20% rise in tourists this year
• Morocco secures $211m loan to improve water security

The services sector grew by 3.8 percent compared to 3.6 percent the previous year.  

Transport and logistics expanded by 4 percent, up from 3.1 percent, while public administration and social security services rose by 3.7 percent. That was nearly double last year’s growth of 1.5 percent.  

Despite the overall growth, some sectors faced significant setbacks, such as hospitality and food services falling to 11.2 percent. Growth in financial services also dropped to 3.1 percent from 4.1 percent in 2023.  

The primary sector recorded a 4.1 percent decline due to a 5.2 percent drop in agricultural output, the report said.  

Inflation eased substantially in the third quarter, with the general price level rising by only 1.7 percent from 7.2 percent in the third quarter of 2023.