Morocco’s economy expected to grow 14.5% in second quarter

Morocco’s economic growth is expected to jump 14.5% in the second quarter this year after a growth of 0.7% in the first quarter, the high commission for planning said.

The forecast is based on a 13.7% improvement in agricultural activity, the agency said as abundant rainfall bodes well for the crop year.

Morocco’s economic growth is vulnerable to climatic conditions as agricultural yield can influence growth by up to 2 percentage points.

Exports are also expected to pick up by 3.5% as foreign demand rises, the agency said.

The automotive sector, Morocco’s largest exporting industry, is expected to grow by 4%, while agri-food exports are seen rising by 6.3%.

However, exports of the aerospace industry and textile will shrink 22% and 17.5% respectively.

The central bank said the economy will grow by 5.3% in 2021 after a contraction of 7% last year.

 

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