INDEPENDENT ONLINE S.Africa
By Reuters
Morocco’s economic growth eased to 2.6 percent in the second quarter of this year from 2.8 percent the previous quarter as weakening agriculture and consumption growth took their toll on the $90 billion economy, official data showed on Wednesday.
GDP growth in the second quarter of 2011 stood at over 4 percent, charts showed in a statement from the country’s planning authority HCP.
Compared to a year earlier, agricultural output fell 9.8 percent while HCP spoke of a decline in the growth pattern of domestic consumption, a key engine of growth in this country, with cement sales falling an annual 1.7 percent in the second quarter while they were up 21.4 percent in the first quarter.
“The pace of growth in industrial equipment investment has also decelerated during the second quarter,” HCP added, with growth in imports of industrial equipoment falling to 4.6 percent in the second quarter from a 14.6 percent rise in the first quarter.
After growing close to 5 percent in 2011, the finance ministry expects GDP growth to ease to 3.4 percent in 2012 after bad weather slashed agricultural output and as the euro zone crisis hit the tourism industry. The central bank says GDP growth would stand at less than 3 percent in 2012. – Reuters
