Macroeconomic Forecast Morocco

Morocco's trade deficit expanded by 22.6% year-on-year in the January-August period, and now stands at MAD122.2bn (US$14.8bn). The growth was primarily the product of higher energy import costs arising out of the year's surge in global energy prices. Rising energy costs have been offset to some extent by rising tourism receipts and increased migrant remittances, which grew by 6.4% and 7.7% in the same period, respectively. We are forecasting Morocco's current account deficit to come in at 7.4% of GDP this year, up from 4.5% of GDP in 2010.

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