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Morocco's central bank cuts key rate to 3%, forecasts 4.5% growth in 2025

Posted on July 1, 2024 |

Morocco's central bank reduced its key interest rate by 25 basis points to 2.75%.

Economic growth in Morocco is projected to reach 2.8% in 2024 and rise to 4.5% in 2025.

The country's economy grew from 1.5% in 2022 to 3.4% in 2023, driven by a 3.5% increase in non-agricultural value added.

Non-agricultural sectors are expected to grow by 3.8% in 2024 and 4.1% in 2025 due to ongoing projects, tourism activities, and increased household consumption.

Agricultural production faces uncertainties based on climate conditions, with a projected 6.9% decline in 2024 and an 8.6% recovery in 2025 assuming average cereal harvests.

Domestic inflation is anticipated to average 1.5% in 2024 and rise to 2.7% in 2025, influenced by subsidy changes and lower food prices.

Morocco's economic outlook includes cautious optimism with planned rate adjustments and sectoral growth strategies.

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