Morocco’s HCP forecasts 3.7% growth in 2023

RABAT - The national economic growth should be 3.7% in 2023, said Thursday in Rabat, secretary general of the High Commission for Planning (HCP), Ayachi Khellaf.

Speaking at a press briefing dedicated to the presentation of the exploratory economic budget for 2022 and 2023, Khellaf said that four assumptions have been made for the outlook of the year 2023.

These are an average agricultural campaign 2022/2023, a slowdown in global demand for Morocco from 5.9% in 2022 to 3.6% in 2023, the continuation of the fiscal policy in force in 2022 and an oil price around $ 100/barrel, he said.

Indeed, economic growth should be supported by strong domestic demand, contributing to 3.6 points to growth, while external demand would have a zero contribution, said Khellaf.

For its part, the budget deficit would remain at 5.5% of gross domestic product (GDP) in 2023, while the external deficits should experience a modest reduction, he noted.

Regarding national savings, it would show a quasi-stagnation, at 26.5% of GDP instead of 26.6% of GDP in 2022. The domestic savings would be at 21.2% of GDP.

The overall public debt should be 83.3% of GDP and the Treasury debt at 68.9% of GDP.