Home Economy Boussaid: Morocco’s Economy to Grow Faster than Expected in 2018

Boussaid: Morocco’s Economy to Grow Faster than Expected in 2018

Boussaid: Morocco’s Economy to Grow Faster than Expected in 2018

Rabat – Minister of Economy and Finance Mohamed Boussaid announced, on Thursday in Rabat, that Morocco’s economy output growth forecasts were revised upwards from 3.2 to 3.6 percent for 2018 due to the good performance of non-agricultural sectors and a good crop year exceeding 10 million tons.

Boussaid, who gave a presentation at the Thursday government council on the results of the 2018 appropriation bill and the prospects for the 2019 appropriation bill, reviewed the main economic indicators that showed a continuous improvement in the global economic growth outlook.

Similarly, BMI Research predicted a rate of GDP growth at 3.5 percent in Morocco in 2018.

Read also: Informal Economy Represents More than 20% of Morocco’s GDP: Study

However, this improvement is still threatened by protectionist conflicts, monetary austerity policies, and the volatility of oil prices, he added.

At the national level, Boussaid underlined notable acceleration in the growth of non-agricultural activities, due to the good performance of all sectors, with the exception of civil engineering.

The fisheries and phosphates sectors recorded an increase of 5.7 percent and 6.4 percent in the first half of 2018, he said. Tourism numbers increased by 11.8 percent, and overnight stays increased by 10.7 percent at the end of April 2018.

Bank loans increased slightly by MAD 2.4 billion in the five month period, while inflation stood at 2.4 percent, he said.

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