Morocco's GDP grew 3.8% y/y in seasonally-adjusted terms in January-March 2013, speeding up from 2.8% a year earlier, on strong agriculture output, the High Council Planning said. In nominal terms, Morocco’s GDP expanded 6.1% y/y to MAD 214.9bn (USD 25.2bn). Morocco’s GDP growth will 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 value-added agriculture output, which employs some 40% of Morocco’s labour force, expanded by 17.7% y/y in Q1, the HCP said. A low prior-year base also played a role. Excluding agriculture, Morocco's export-oriented economy grew 1.9% y/y in Q1, slowing down from 4.5% the year before. Falling mining output (down 3.6%) and weaker EU demand dented non-agro growth over the period.
The manufacturing sector’s output growth braked to 0.5% y/y in Q1 from 2.9% the year earlier. The construction sector and public works shrank 5.9% y/y mainly due to a high prior-year base as demand for affordable housing has remained strong. The government has also cut capital spending to help redress the budget deficit. The utilities sector shrank 4.2% over the period on favourable weather conditions that cut energy demand. Trade (up 2.3% y/y) and restaurants and hotels (up 3.7%) also helped support GDP growth in Q1.
Related Articles
Egypt reports multiple oil and gas discoveries in New Delta, Eastern and Western Deserts
Egypt’s Ministry of Petroleum and Mineral Resources has announced 18 new oil and gas discoveries across the New Delta, Eastern Desert, and Western Desert, marking one of the strongest exploration ... more
Egypt signs oil and gas exploration deals with Dragon Oil, Perenco and Apache worth over $121mn
Egypt’s Ministry of Petroleum and Mineral Resources signed three agreements on September 14 – with UAE-based Dragon Oil, and French independent Perenco Egypt and its US peer Apache Egypt ... more
Egypt eyes $5.2bn in manufacturing investments for FY2025/26, says planning minister
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more