Morocco Expects a Growth Rate of 4.8% in 2017 (Official)

After a meagre growth rate of 1.2% in 2016 as a result of disappointing crop year, Morocco expects its economy to expand by 4.8% amid promising macro-economic indicators said minister of Economy and Finance, Mohamed Boussaid.

The minister, who was presenting a report on the progress of the implementation of the 2017 budget in a meeting chaired by the head of the government, pointed to the promising crop year after abundant rainfall, which augurs well for the country’s finances and revenues.

In this respect, Boussaid said “some 102 million quintals of cereals were harvested during this year, compared with only 30 million quintals in the past year.”

The budget deficit is expected to be revised downwards from 4.1% last year to 3.5% this year, he said, adding that the current account deficit of GDP is expected to decline to 4% this year, after 4.4% in 2016.

As to inflation, it stood at 0.9% in the first six months of the year, Boussaid said, noting an increase in foreign investment income of 17.7 billion dirhams.