Morocco's Economic Pulse: Domestic Demand Drives Growth Amid Infrastructure Push
Morocco's domestic demand demonstrated remarkable strength in the fourth quarter of 2024, posting a 5.4% increase and emerging as a key driver of the nation's economic expansion, according to Morocco's High Commission for Planning (HCP).
This robust domestic performance contributed significantly to the country's Gross Domestic Product (GDP), accounting for 6.2 percentage points of overall growth. Household consumption maintained steady momentum, advancing 3.2% compared to the previous year and adding 2 percentage points to GDP expansion.
The consumption growth proved resilient despite headwinds from drought-impacted rural incomes. Several factors bolstered consumer purchasing power, including general price stability (with some food sector exceptions), increased public sector wages, expanded social support programs, and growing consumer credit activity.
This heightened consumer confidence manifested in surging import figures, particularly in the automotive sector, where imports skyrocketed by 58.1% by year-end 2024. The public sector also showed increased activity, with consumption growth reaching 3.9%, slightly above the previous quarter's 3.8%.
Investment activity remained particularly dynamic, recording a 9.8% annual increase. Public investment took center stage, driven by strategic infrastructure initiatives including water management projects and preparations for major sporting events. These preparations focused on two prestigious tournaments: the upcoming 2025 Africa Cup of Nations (AFCON) and the 2030 FIFA World Cup.
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