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Tuesday, December 6, 2022

Akhannouch: Economic Growth to Reach Between 1.5% and 1.7% in 2022

The Moroccan economy is expected to record a growth rate between 1.5% and 1.7% in 2022, instead of 3.2%, as planned in the appropriation bill, said Monday the Head of Government, Aziz Akhannouch.

“According to current data, which take into account the latest developments at national and international levels, Morocco should record a growth rate ranging between 1.5% and 1.7%,” said Akhannouch, who was answering a key question in the House of Representatives on “the situation of the national economy in the light of climate and geostrategic changes,” during a plenary session devoted to monthly oral questions to the head of government.

This level of growth is expected to cover, mainly, the decline in agricultural value added of 11%, against an increase of 18% during the previous crop year, said Akhannouch.

The rainfall deficit is expected to impact the current agricultural campaign, and the cereal harvest is expected to decline, compared to the forecast of the 2022 appropriation bill, which is based on a harvest of 80 million quintals, he noted.

Thanks to efforts made under the strategies “Green Morocco Plan” and “Generation Green”, the dependence of agricultural value added on cereal crops has been reduced, given the rise of vegetable crops with high added value, said the head of government.

Exports of vegetables and citrus fruits have increased by 18% and 37% respectively, he said, noting that exports of fishery products have increased by 44% in value and 17% in volume during the month of February 2022.

The latest rainfall recorded recently in Morocco is able to maintain at a good level the productivity of spring and summer crops, which will allow a regular supply of domestic and foreign markets, stressed Akhannouch, adding that this should reduce the expected decline in agricultural GDP.

For its part, the non-agricultural GDP should grow by about 3.1% in 2022, said Akhannouch, recalling that the inflation rate was established at 3.6% in February 2022, according to the High Commission for Planning (HCP), following the increase of 5.5% of the index of food products and 2.5% of the index of non-food products.

The Head of Government said that these figures “are to be taken with caution”, given the uncertainty that hangs over the international situation, where hope is linked to the end of this crisis, which will facilitate a full recovery of national economic activity.

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