Morocco’s Domestic Demand Grows 3% in 2024

Rabat - Morocco's domestic demand is expected to grow by 3% in 2024 compared to 3.3% in 2023, according to the High Planning Commission (HCP).This surge in demand added 3.3 points to growth in Gross Domestic Product (GDP), compared to 3.6 points in 2023, the HCP states in its 2025 Exploratory Economic Budget, noting that it should also see an increase of 3.6% in gross investment, in contrast to 1.5% in 2023, thus contributing one point to GDP growth.This is due to consolidated public investment, mainly in infrastructure, combined with the expected upturn in the construction sector following the implementation of programmes to rebuild damaged areas and provide housing subsidies, according to the same source.Household consumption is also expected to slow from 3.7% in 2023 to 2.2% in 2024, contributing 1.3 points to GDP growth compared with 2.3 points in 2023.This deceleration, explained mainly by the expected decline in agricultural revenues and a continuation of high prices, should be mitigated by the expected impact of direct social transfers and a maintained evolving rate of transfers from Moroccans expatriates.Factoring in the sustained momentum of general government consumption expenditure, which is expected to grow by 4.5% after 4.1% in 2023, national final consumption is expected to increase by 2.8%, contributing 2.2 points to GDP growth.Source: Agence Marocaine De Presse