Morocco's economic growth is expected to pick up to 3.2 percent from 2.9 percent last year, Morocco's statistics agency said. The forecast assumes that external demand for Moroccan goods will improve and cereal yields will fall below average due to drought.
Morocco's central bank had kept the benchmark interest rate unchanged at 3 percent to keep prices stable. The bank expects average inflation, driven by food prices, to be 6.1 percent this year, down from 6.6 percent last year.
Morocco's finance ministry has submitted to parliament the approval of a draft 2024 budget with a total value of 638 billion dirhams ($62 billion), up 6.3 percent from last year.
Source (Al-Arabiya.net Website, Edited)
