In-Depth Analysis
Morocco
A fairly diversified Moroccan economy will help mitigate damages from the Covid-19 pandemic relative to commodity dependant countries. The country remains vulnerable in two main areas: firstly, its external position is highly reliant on a slowing eurozone economy; secondly, rising temperatures and the delayed onset of rains threaten the agricultural sector.
A bumper cereal harvest helped the economy successfully emerge from the crisis, with output recovering to pre-pandemic levels in 2021. Despite growing by 5.3% last year, the non-agricultural sector came in just below its pre-pandemic level as the disruptions in global supply chains emerged as a threat in Q4. We think that global supply chain troubles will continue to hamper economic activity during the first quarter of this year, while a more substantial passthrough of producer prices to CPI could also weigh on consumers’ pockets in coming months. The on-and-off implementation of travel bans also threatens a solid recovery. That said, the outlook is more upbeat than it was last quarter, and the economy should be well on its way to surpassing its pre-pandemic output level by the end of this year. (Source: Morocco Quarterly Update, published February 2022.)
Macroeconomic Data
(2021)
|
Fiscal Balance (as a % of GDP) |
-6.4 |
|
Consumer Price Index (% change y-o-y, avg) |
1.4 |
|
Current Account Balance (as a % of GDP) |
-3.8 |
|
Real GDP (annual % change) |
6.9 |
|
GDP per Capita, US$ |
3,496.9 |
|
Import Cover (months) |
6.88 |
|
Population, million |
37.3 |
| Total External Debt (as a % of GDP) |
51.5 |