Morocco: better times ahead?
Following a challenging business environment in 2022, Moroccan cement producers can look forward to better times. However, overcapacity will see producers look beyond the country’s borders as they develop export markets to sell production surpluses.
Economic growth is set to resume as Morocco recovers after the COVID-19 pandemic (© © J.K2507)
Morocco’s economic growth fell by 7.2 per cent YoY in 2020 but recovered the following year, when GDP expanded by eight per cent. In 2022 growth continued but at the more moderate rate of 1.3 per cent. The IMF estimates GDP to have increased by 2.4 per cent in 2023. While the country has a strong tourism sector and export dynamics, Morocco’s recovery from the COVID-19 pandemic has been slowed by the Ukraine-Russia conflict, the increasing frequency of drought in an already water-stressed country, and inflation driven by higher food prices.
