Morocco GDP grew by 0.5% YoY in Q4 2022, marking a significant slowdown from the 7.6% YoY growth reported in the same period in the previous year, mainly driven by a rise in external demand, despite the country grappling with high inflation and an increased need for financing. Notably, the agricultural sector shrank by 15.1%, compared to a 17.8% expansion the previous year. Meanwhile, S&P affirmed Morocco’s rating at BB+, one level below investment grade, with a stable outlook. The stable outlook reflects the expectation that the country’s structural reforms will continue to support strong economic growth and offset external and budgetary pressures.