Morocco's GDP grew 5.1% y/y in April-June 2013, quickening from 3.8% in Q1 and 2.7% the year before on strong agriculture output which offset slowing non-agriculture growth, the High Council Planning said on October 1. In nominal terms, Morocco’s GDP expanded 6.9% y/y to MAD 219.2bn (USD 26.6bn).
Morocco’s GDP growth should rise to 4.5% in 2013 from an estimated 3.0% the year before, the IMF said in its latest World Economic Outlook published in April. The government, however, forecasts a 4.8% GDP expansion this year, up from 2.7% in 2012. A recovering tourism and services income, better agriculture output and lower oil prices, might help Morocco achieve its GDP growth target in 2013.
The value-added agriculture output, which employs some 40% of Morocco’s labour force, grew 22.8% y/y in Q2 in seasonally-adjusted terms compared with a 9.5% y/y contraction a year earlier. A low prior-year base also played a role. The agriculture output will expand 6.1% in 2013 due to an expected better harvest season, the statistics office HCP has recently said.
Excluding agriculture, Morocco's export-oriented economy grew 2.5% y/y in Q2 (1.9% in Q1), slowing down from a 4.5% y/y increase a year ago. A sluggish mining output (up 0.1% y/y) and weaker EU demand dented non-agro growth over the period.
The manufacturing sector’s output growth braked to 0.8% y/y in Q2 from 1.4% the year earlier but inched up from 0.5% in January-March. The construction sector and public works shrank 4.6% y/y in Q2 compared with a 3.5% growth the year before. The government has cut capital spending to help redress the budget deficit. The utilities sector shrank 0.9% over the period on favourable weather conditions that cut energy demand. Trade (up 3.7% y/y) and restaurants and hotels (up 5.1%) helped support the GDP growth in Q2.
Households consumption grew 4.0% y/y in Q2, speeding up from 2.2% the year before also helping boost the GDP growth.
Iraq is in the final stages of negotiating its first-ever purchase of LNG supplies as power outages hamper the Middle East country, Bloomberg reported on June 26. Dallas-headquartered Excelerate ... more
Sudan’s Sovereign Council head, Abdel Fattah al-Burhan, issued a constitutional decree on May 19 appointing Kamil al-Tayeb Idris as the new prime minister, Al Sharq Al Awsat reported. He also ... more
Egypt's state-owned gas company EGAS has received several offers to supply liquefied natural gas (LNG) shipments urgently needed for summer, Al Sharq reported on May 18, citing an unnamed government ... more