Morocco's planning commission is predicting an economic rebound in 2015 of 4.8 percent.

Ahmed Lahlimi Alami, the high planning commissioner, said on Tuesday that 2015 would be "a good year" with a lower budget deficit and higher growth based in part on improved agriculture and lower oil prices.

Growth in 2014 was an anemic 2.6 percent, in large part due to a poor agricultural year.

Morocco's Islamist-led government has pursued austerity programs since coming to power, freezing government hiring, cutting sensitive fuel subsidies and spending.

Aided by a dramatic drop in oil prices, the policies are beginning to bear fruit.

Morocco incurred a great deal of debt by dramatically raising salaries and increased government spending in 2011.