Finance

Morocco: Government forecasts 4.5% economic growth in 2017

Tuesday, 13 September 2016 21:39

Morocco’s government forecast an economic growth of 4.5% for 2017 against less than 2% in 2016, during which the country experienced its worst drought in decades, Reuters reported on September 8, citing official sources.

The budget deficit of the nation should around 3% of GDP against 3.5% in 2016, the same sources added.

The drought that washed over Morocco cut its grains output to 3.35 million tons for the 2016 season from a record of 11 million tons the previous season.

State budget project for 2017 is based on an average grains output of 7 million tons. In Morocco, Agriculture represents about 15% of GDP and nearly 35% of overall jobs.

According to forecasts from the Central Bank of Morocco, economic growth should be at 1.2% this year, against 4.4% in 2015.

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