Morocco Q3 GDP Growth Strongest in Near 3 Years

Morocco's GDP grew by 4.3% year-on-year in Q3 2024, accelerating from a 2.4% rise in Q2 and marking the fastest growth since Q4 2021.

A surge in domestic demand and controlled inflation supported the upturn.

There were rises in household consumption (3.9%), government spending (3.8%), and fixed investment (13.5%).

However, the external sector contributed negatively to GDP, as exports of goods and services (9.8%) rose less than imports (12.9%).

On the production side, output expanded for non-agricultural activities (5.1%), mainly driven by the extraction industry (15.9%), manufacturing (7.5%), and construction (6.9%), while the agricultural sector shrank by 5.2%.