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Morocco GDP Growth Slows to 2.9 Percent

Morocco GDP Growth Slows to 2.9 PercentMorocco GDP Growth Slows to 2.9 Percent

Morocco’s economy grew 2.9% year-on-year in the first quarter of 2018, down from 3.8% in same period last year, after a drop in agricultural output, the country’s High Planning Commission said late Tuesday, Reuters reported. The Moroccan economy will grow by 3% in the second quarter, down from 4.2% in the same period last year because of lower agricultural output, the state agency said.

Agricultural activity dropped by 0.5% year-on-year in the first quarter, the agency said, noting that agricultural output this year will nevertheless be the third-highest ever registered since 2011 thanks to abundant though late rainfall.

The non-agricultural sector grew by 3.2% in the first quarter, up from 2.4% year on year, boosted by mining activities and market services, the agency said. Manufacturing industries grew by 2.4% in the first quarter of 2018 compared with 2.3% in the same period last year, it said.

Morocco’s exports rose by 5.2% thanks to an increase in demand from the Eurozone countries, it added.

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