Morocco’s
economic growth slowed down in the second quarter of the current year,
as it grew by 4. 3% only in the second quarter compared to 4.8% recorded
in the first quarter.
The rate of expansion seen in the first quarter of the year 2013 was enabled by the high added value of agricultural output.
The
High Commission for Planning has revised its initial figures that
estimated the growth in the second quarter of 2013 to 4, 8%. The figure
was later reduced to 4, 2 % showing that economic growth is still
sluggish.
As
a precautionary measure, Morocco reduced the volume of its imports,
which has narrowed the trade deficit by 5. 3% as the volume of imports
decreased by 3. 2 %.
The
Moroccan economy for the current year is marked by a considerable
slowdown caused by the high cost of energy imports and the decrease in
exports.
The
financial crisis in Europe has not spared the Moroccan economy since
the European Union remains one of Morocco’s largest trading partners.
In
its latest report, Morocco’s central bank, Bank Al Maghrib revealed
that the delay of structural and economic reforms especially those
concerning the compensation fund and the tax system has deeply affected
the national economy.
Economic
experts expect Morocco to enter into another stagnation phase marked by
a steep decrease in domestic demand for petroleum products in addition
to an abrupt drop in demand for building material and a fall in the
amount of loans attributed to Morocco by international institutions.
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