Morocco’s Performance Drives North African GDP Growth- AfDB says

Morocco’s Performance Drives North African GDP Growth- AfDB says

The positive performance of the Moroccan economy enabled North Africa to achieve the second highest growth rate of 4.9% at the African level, the African Development Bank said.

The performance of the Moroccan economy, which saw growth rise from 1.2% in 2016 to 4.1% in 2017 gave a boost to North African posted the second highest growth rate in the continent only preceded by East Africa, AfDB said in its North Africa Economic Outlook 2018.

The report notes that Morocco’s performance was brought about mainly by improved agricultural productivity resulting from the combined positive effects of a good rainy season and implementation of the Morocco Green Plan.

North Africa’s growth also received a big push from the greater than expected production and export of oil by Libya, which generated strong GDP growth of 55.1 %, thanks to an improved security situation resulting from a joint regional and international assistance effort to the country.

Growth in North Africa was also boosted by Egypt’s steady positive performance (GDP growth of around 4%), which was fueled by the positive effects of its macroeconomic and structural reforms, it said.

The report underscores positive growth prospects for North Africa with an average growth projected at 5.0% in 2018 and 4.6% in 2019.

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