On preliminary figures from the High Planning Commission, real GDP growth in Morocco was 3.1% in 2024, stronger than our previous estimate of 2.7%. The available numbers show real GDP growth of 4.3% y/y in Q3 2024, driven by persistently strong growth in mining & quarrying and accommodation & catering. By contrast, output in agriculture & fisheries contracted by 4.2% y/y. We have revised our real GDP growth forecast for 2025 upwards to 3.8% (previously: 3.5%), even though the better-than-expected performance in 2024 provides a higher base. We think agriculture will have a considerably better year while large infrastructure investments are set to stimulate activity.
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