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.

Related Articles

Ankara and Tehran join wave of anger directed at Trump’s recognition of Jerusalem as Israel’s capital

US President Donald Trump's December 6 announcement that his administration has decided to unilaterally recognise Jerusalem as Israel's capital was described as “against international law” by ... more

Islamic State is finished declares Iran's President Rouhani

Iranian President Hassan Rouhani on November 21 declared the end of the so-called Islamic State militant and terrorist group following decisive battles in Iraq and Syria. Stating that he wished to ... more

Turkey the loser as Baghdad rewards Iran with control of Kurdish oil exports

Iran is taking control of oil exports from Iraqi Kurdistan's giant Kirkuk field with Baghdad authorising the move as a reward for the Iranians' help in quelling the Kurds' late September push for ... more