Morocco’s GDP rose 3.5% YoY in Q1 2023, primarily driven by external demand and an improved financing capacity of the national economy. Exports surged by 19.8%, while imports rose by 8.8%. Government spending and household consumption also increased, while investment declined by 2.6%. On the production side, the primary sector expanded by 6.6%, and services grew by 6.4%, while the industrial sector contracted by 1.3%.