Moroccan Economy Posts 4.6% Growth in 2017

Moroccan economy grew by 4.6% in 2017 compared to 1.2% in 2016 on the backdrop of an improvement of the indicators of the agricultural sector.

Abundant rainfall boosted the agricultural value added to 15.4% in the first three quarters of 2017 compared to -12.5% the same period in 2016, Economy and Finance Minister Mohamed Boussaid told the press.

Inflation rate slowed to 0.7% in 2017 against 1.6% in the previous year because of the stable food prices, he noted.

Unemployment rose slightly from 10.4% to 10.6% over the same period with some 89.000 jobs created between the third quarter in 2016 and in 2017, he added.

Trade deficit widened by 2.6%, as a result of a 6.3% increase in imports and a rising energy bill, while Morocco’s exports increased by 9.3%.

The flow of Foreign Direct Investments (FDI) in Morocco surged by 12% (+2.5 billion Dirhams), he said, noting that this performance is ascribed to a decrease of expenditures by 58%.

Remittances of Moroccan expatriates grew by 4.5% between 2016 and 2017, he said.