Moroccan economy grew 5.6% in 2008, official

Moroccan economy posted a growth rate of 5.6% in 2008 against 2.7% in 2007, according to the High Planning Commissioner (HCP) in its provisional national accounts.

   The rate grew 0.2 percentage points more than what it was expected according to estimates by the quarterly national accounts in April 2008, HCP said on Friday.

   This evolution is a result of the performance of several sectors, including agriculture, and the net taxes of subsidized products.

   HCP noted a 16.3% rise in the volume of agricultural products' value added (fisheries not included), compared to a 20.8% drop in 2007, and an increase of 4.1% of other activity sectors against 6% last year.

   Net taxes of subsided products increased by 5% instead of 10% registered last year. 
   Non-agricultural GDP dropped to 4.2% in 2008 from 6.5% in 2007, HCP said.

   According to HCP, Economic growth was largely spurred by domestic demand. Consumption of households, which contributed by 5.5 points to the growth of GDP, increased in volume by 9.4 % against 3.8%  in 2007.

   Exports of goods and services dropped 1.1% in 2008, while imports were up by 10.9% which decreased this category’s share in GDP by –4.2 points.

    The slump in exports is explained by the drop in tourist spending (-10.7%), phosphates and other mining products (-32.7%), and textiles and clothing (-9.2%), the same sources added.

MAP