Morocco’s GDP growth quickens to 3.8% y/y in Q1 2013 – seasonally adjusted

By bne IntelliNews July 2, 2013

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.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Erdogan warns Iraqi Kurds will lose “opportunities” if independence vote proceeds

Turkish President Recep Tayyip Erdogan has warned the Iraqi Kurds that it is in their interests to call off their planned September 25 independence referendum because it “may lead to a process that ... more

Russia’s Rosneft mulls Kurdistan-Turkey-Europe gas pipeline

Russia’s Rosneft is exploring the possibility of building a 30bn cubic metre (bcm) pipeline that would from 2020 deliver natural gas supplies from the Iraqi Kurdistan region to Turkey and ... more

‘Fruit juice moment’ indicates Iran making serious trade incursions in blockaded Qatar

An image of a ‘Produced in Iran’ fruit juice brand aboard a Qatar Airways flight might not appear at all exciting but to Iranians discussing the trade opportunities generated for the Islamic ... more

Most Read

  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    3 days ago
  2. Volkswagen doubles exports of Russia-made cars
    8 days ago
  3. Russia's Binbank asks central bank for help
    3 days ago
  4. Kremlin to launch massive infrastructure projects in 2018
    2 days ago
  5. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    10 days ago
  1. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    10 days ago
  2. Hungary threatens to block Romania’s OECD accession
    17 days ago
  3. Economists tangle over risk of a Greek-style collapse in Turkey
    21 days ago
  4. Wild capitalism threatens the untamed rivers of Southeast Europe
    1 month ago
  5. Russia’s government moves from war budget to election budget
    29 days ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss