Morocco's economy set to grow by 6.2% in 2021

The Central Bank’s upward revision of GDP’s growth reflects an increase of 18.8 percent in agricultural value added.

RABAT - Morocco's GDP is expected to grow by 6.2% in 2021, according to Bank Al-Maghrib forecasts.

"According to Bank Al-Maghrib's updated projections, GDP in real terms would end the year with a rebound of 6.2 percent, an upward revision of 0.9 percentage points compared to last June's forecast," Bank Al-Maghrib said in a press release issued at the end of the third quarterly meeting of the year 2021 of its board.

This improvement reflects an increase of 18.8 percent in agricultural value added, taking into account a cereal production of 103.2 million quintals, and an increase of 4.6 percent in non-agricultural value added, the Central Bank explained.

In 2022, growth would consolidate to 3 percent, covering a 3.3 percent drop in agricultural value added, assuming a return to an average cereal production, and a 3.6 percent increase in non-agricultural activities.

In addition, the Central Bank revealed that "this recovery is expected to continue, driven by the notable progress in the vaccination campaign, the very good agricultural campaign as well as the fiscal stimulus and the accommodative monetary policy stance."