Economic growth should accelerate to 3.4% in the first quarter of the current year, estimates BMCE Capital Global Research (BKGR). This acceleration is explained by a return of favorable climatic conditions, driven mainly by the 6.7% recovery in agricultural value added and a 3% increase in non-agricultural activities, indicates BKGR in its recent “STRATEGY”, entitled ” Believe in 2023”.
In the fourth quarter of the past year, economic growth slowed to 1.4%, after an increase of +1.6% a quarter earlier, said the same source, stressing that this weakening of the profile of national economy would be attributable to the continued decline in agricultural value added at a rate of -15.9%, not sufficiently offset by the improvement (+3.4%) in non-agricultural value added, itself driven by the dynamic continuing merchant services.
The publication also reports the widening of the trade deficit (+56.5%) to -311.6 billion dirhams for a coverage rate of 57.8% at the end of 2022.
In the register of public finances, the execution of the 2022 Finance Law shows a budget deficit of -69.5 billion dirhams, against -70.2 billion dirhams a year earlier, i.e. -5.1% of GDP. Indeed, the good
Indeed, the good orientation of tax revenues in an inflationary context has made it possible to offset the explosion of compensation charges and the poor agricultural campaign, explains the publication.