Wednesday, 8 July 2015

Morocco's GDP Going Up, Thanks to Higher Agricultural Output

A farmer picks strawberries, to be exported, in a field in the town of Moulay Bousselham in Kenitra province March 15, 2014.   REUTERS/Youssef Boudlal
Morocco's economy cultivated 4.3 percent year-on-year in the second quarter of 2015 year-on-year, up from 4.1 percent in the preceding three months, due to higher agricultural output, the country's planning agency said recently.

Cereal production jumped 64 percent, assisting push up overall agricultural output by 15.1 percent after a year-on-year 12.5 percent rise in the first quarter, the agency said. Morocco is on course to yield a record cereal crop of 11 million tonnes this year after favourable rainfall. Agriculture accounts for more than 15 percent of the Moroccan economy.

The trade balance deficit fell 13.4 percent as world oil prices fell and Moroccan exports developed, the agency said. The kingdom is one of the biggest energy importers in the region.

Non-agricultural sector growth was 2.1 percent higher from a year ago and the agency said the pace of growth would be steady in the third quarter with an expected GDP rise of 4.7 percent. The central bank and the government said growth would reach 5 percent for the full year. The agency forecasts 4.3 percent.


Post a Comment