Morocco’s growth increases, yet dependent on Agriculture

Morocco is currently benefiting from an annual economic growth of 4.2% for 2015 that accelerated up to 4.3% in Q2 2015. The added value of the agricultural sector, whose cereal production reached a new record high, almost explains the whole increase in spite of the drop in global commodities prices.

Indeed, according to Morocco’s Haut-commissariat au Plan, 2015 non-agricultural GDP growth is currently identical to 2014’s at 3.1%. With unemployment rate at 8.7%, a 0.6 percentage point decrease year-on-year, Morocco continues its structural transformation towards a more diversified, more tertiary and more stable growth.

According to the IMF, improvements in the European economy, lower oil prices and political stability partly explain Morocco’s favorable economic outlook though still subject to the external risk of global economy’s deterioration. Continued reforms started after the Arab Spring and Moroccan economy’s reduced dependence on agricultural production are essential, the World Bank emphasizes.