Asharq Al-awsat English https://aawsat.com/english Middle-east and International News and Opinion from Asharq Al-awsat Newspaper http://feedly.com/icon.svg

Morocco’s GDP Growth Seen at 1.5% in 2022

Morocco’s GDP Growth Seen at 1.5% in 2022

Tuesday, 19 April, 2022 - 10:45

Morocco’s GDP growth is seen averaging between 1.5% and 1.7% in 2022, down from the 3.2% that was predicted in the budget law, the state news agency MAP reported, citing Prime Minister Aziz Akhannouch.


He made his remarks during a questioning session in the House of Representatives.


In response to a question about the state of the national economy in light of climate and geostrategic changes, the PM said the growth rate is mainly affected by the decline in the agricultural added value by 11%, compared to an 18% increase recorded during the last agricultural season.


He expected the lack of rainfall to affect the current agricultural season as the grain harvest is set to decline compared to the 80 million quintals estimated by the 2022 Finance Law.


He hailed the efforts made as part of the Green Morocco and the Green Generation schemes that reduced the ratio of agricultural added value to the cultivation of cereals, thanks to the flourishing of the high added value fruitful crops.


Akhannouch revealed that vegetable exports witnessed an estimated increase of 18%, and citrus exports 37%.


Exports of maritime products also witnessed an increase both in terms of value +44% and in terms of volume +17% in February.


The PM said that the recent rainfall in the Kingdom would maintain good levels of productivity in spring and summer crops, which would maintain regular supplies, both for internal and external markets. “This will reduce the expected decline in agricultural GDP.”


As for the non-agricultural GDP, Akhannouch expected it to record a growth rate of about +3.1% in 2022.


According to the High Commission for Planning, Akhannouch said the inflation rate amounted to 3.6% in February compared to the same month in 2021. This is due to an increase in the index of food products by 5.5% and non-food products by 2.5%.


He urged relevant authorities to consider these figures and address them cautiously, given the state of international uncertainty.


Editor Picks

Multimedia