Economic growth is expected to average 4.2% over the 2028-2029 period, according to the budget execution and three-year macroeconomic framework report accompanying the 2027 Finance Bill.
This growth would be supported by the momentum of non-agricultural activities, whose value added would increase by an average of 4.2% per year, according to the report published on the website of the Ministry of Economy and Finance.
In this context, value added in the secondary sector would increase by an average of 4.3% per year, while that of the tertiary sector would record average annual growth of 4.1%.
Agricultural value added, for its part, would increase by an average of 4.3% over the same period, based on the assumption of cereal production stabilizing at 70 million quintals per year and the continued development of other agricultural sectors.
The report also notes that the preparation of the 2027-2029 Three-Year Budget Programming (PBT) takes place in a national and international context marked by major economic, social and geostrategic challenges, in the face of which the Moroccan economy has demonstrated clear resilience, driven by the formative momentum undertaken in recent years and by the sustained implementation of several large-scale structural projects.
National growth is forecast at 5.3% for the current year and is expected to maintain the same trend to reach 4.2% in 2029, driven mainly by the strong performance of the agricultural sector and the continued remarkable momentum of non-agricultural activities.
At the same time, maintaining the balance of public finances on a trajectory of gradual reduction in the budget deficit and debt level will be at the heart of budget programming, with a view to establishing the budgetary margins needed to finance the various projects, notably by setting the objective of reducing the budget deficit to 3% of gross domestic product (GDP) in 2027, 2028 and 2029, and the debt ratio to 63% of GDP in 2029.
Furthermore, the main orientations for the 2027-2029 period focus on controlling personnel expenditure, rationalizing operating expenditure and improving the efficiency of investment spending.
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