(Ecofin Agency) - In the second quarter this year, Morocco’s economic growth slowed to 2.6% compared with 2.8% the first quarter. Figures were provided July 3 by the country’s economic planning agency, the Haut-commissariat au plan HCP.
The economic slowdown, HCP says, is the result of poor performances in agriculture ; a sector that contributes about 15% to the gross domestic product. Grain production dropped by 40.7% year-on-year to 6.1 million tons over the period reviewed.
HCP forecasted growth to further slow to 2.4% in Q3, driven by a 2.5% decline expected in the agricultural activity.
According to the Central Bank of Morocco, the whole year’s growth is forcasted at 2.8%, down the 3% last year.