The CMC anticipates a growth rate of 1.8% for Morocco in 2022

Monday, May 9, 2022

The Moroccan Economic Center (CMC) expects an economic growth rate of 1.8% in 2022, a difference of about 2.3 points compared to the forecast of the first exploratory scenario. "The Gross Domestic Product should evolve by 1.8% to reach the level of 1,335 billion dirhams at current prices corresponding to about 4,050 dollars per capita," said the CMC in its recent note "INFO CMC". Nevertheless, the CMC warned, it is difficult to advance and project a sufficiently reliable scenario of macroeconomic performance of the national economy in an atypical international context.

On the basis of the premonitory indices recorded in the first months of the year, the secondary and tertiary sectors would contribute respectively by about 3.2% and 3.6% to GDP growth in volume, the CMC estimated. As for inflation, it would be estimated at 4% for the whole year, with an increase in the consumer price index in March 2022 of about 5.3% compared to the level of March of the previous year. "This inflation is the consequence of the surge in energy prices and the sudden and dramatic increase in prices of other raw materials and food products recorded following the outbreak of the Ukrainian crisis," explained the Center.

At the end of the first quarter of each fiscal year, the Moroccan Economic Center usually reviews and adjusts the forecasts for the current year that it made in the middle of the previous year. Based on the policy guidelines (fiscal and monetary) and on the statistics and business conditions indicators just collected during the first months of the year, the Center tries to revise and improve its initial extrapolative expectations of the national economy's performance.

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