News
Thursday 19 July 2018

Growth Revised Upwards to 3.6% in 2018 on Back of Good Performance by Non Agricultural Sectors, Official

Vocal synthesis
Growth Revised Upwards to 3.6% in 2018 on Back of Good Performance by Non Agricultural Sectors, Official

Economy minister Mohamed Boussaid announced, Thursday in Rabat, that growth forecasts were revised upwards from 3.2 to 3.6% for the year 2018 thanks to the good performance of non agricultural sectors and a good crop year exceeding 100 million quintals.

Boussaid, who gave a presentation on the results of the 2018 appropriation bill and the prospects for the 2019 appropriation bill, reviewed the main international and national economic indicators that showed a continuous improvement in the global economic growth outlook, notably with a revival of international trade, said government spokesperson Mustapha El Khalfi in a statement at a press briefing following the weekly cabinet meeting.

This improvement is still threatened by protectionist conflicts, monetary austerity policies, as well as the volatility of oil prices, he added.

At the national level, Boussaid underlined the noticeable acceleration in the growth of non-agricultural activities, thanks to the good performance of all sectors, with the exception of civil engineering.

The fisheries and phosphates sectors posted an increase of 5.7% and 6.4% respectively in the first half of 2018, while the production energy use rate at the industrial level stood at 62.4%, he said, adding that tourism increased by 11.8% in the number of tourists and 10.7% in overnight stays at end of April 2018.

Bank credit has posted a slight increase of 2.4 billion dirhams for five months, while inflation stood at 2.4%, he said.

MAP 19 July 2018