Home Economy Rain Saves Economic Growth in the First Quarter of 2017

Rain Saves Economic Growth in the First Quarter of 2017

Rabat Despite governmental complications, the Moroccan economy did well in the first quarter of 2017, with a growth rate of 4.3 percent,explained the High Commission for Planning in a statement. 

This performance is due mainly to the impact of substantial rainfall during the first quarter of 2017. 

The national economy has increased by 4.3 percent in the first quarter of 2017,while 2016 recorded a growth rate of only 1.7 percent, according to the High Commission for Planning.

The value added in the agriculture sector, which had declined by 9 percent in the first quarter of 2016, achieved a growth of 12.9 per cent at the end of March, pulling up the overall growth rate of the national economy.

If it weren’t for the remarkable growth in the agricultural economy, the national economy would have increased by only  3 percent, driven by the activities of the tertiary sectors, added the same source.

Household Consumption Increased by 4%

Household consumption has also attracted growth over this period, due to moderate increases in consumer prices and improved incomes in rural areas. 

The growth of household consumption increased by 4 percent in the first quarter of 2017, instead of 3.1 percent in the fourth quarter of 2016.It contributed approximately 2.4 percent to overall GDP growth, instead of 1.8 percent in the third quarter of 2016.

“This increase in domestic consumption has been nourished, among other things, by a 5.2 per cent increase in consumer loans,” added HCP.

The second quarter of 2017 is expected to record an increase of 14.8 percent in agricultural added value and a 3.2 percent improvement in non-agricultural activities, leading to a growth of 4.6 percent in the national economy, according to the same source.

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