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

Morocco GDP Growth Slows to 2.9 Percent

Morocco 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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