- Morocco’s economic growth dipped to 1.8% from 2% at the end of the third quarter of 2022 according to a report from Morocco’s economic intelligence center.
Morocco’s economic growth dipped to 1.8% from 2% at the end of the third quarter of 2022 according to a report from Morocco’s economic intelligence center.
The drop in economic performance has been attributed to a severe decline in the added value of agriculture to almost 15.2%. The report estimated that the average decline in the added value of agriculture will be nearly 16% at the end of 2022.
The overall economic activities also declined by 3.7%, against the 4.2% recorded the previous quarter amid continued supply disruptions and inflation reflecting the global market trends. The report projected that the economic growth would average 1.4% in the fourth quarter of 2022. Due to the global slowdown, demand for Moroccan-made goods declined to 4.3% in the third quarter of 2022, compared to 7.3% in the previous quarter.
The inflation remained high with the price of crude recording 36% up year-on-year and gas prices touching $60/MMBtu (Metric Million British Thermal Unit), up from $17/MMBtu a year earlier. The price of agricultural products slowed down in Q3 of 2022 at 8.5% against 21.4% in the second quarter.
Also read;
https://trendsnafrica.com/morocco-refuses-imf-proposal-on-flexible-currency-exchange-rate/
https://trendsnafrica.com/moroccos-economic-growth-may-shrink-to-0-8-imf/
