RABAT, July 2 (Reuters) – Morocco’s economic growth eased to 2.8 percent in the first quarter of this year from 5.3 percent in the previous quarter as weakening agriculture and tourism activities took their toll on the $100-billion economy, official data showed on Monday.
GDP growth in the first quarter of 2011 stood at 5.6 percent, the country’s planning authority HCP said in a statement.
Compared to their levels a year earlier, agricultural output fell 8.3 percent and hotels and restaurant activity fell 4.9 percent in the first quarter of 2012, HCP said.
After growing by 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 below 3 percent in 2012.
Agriculture accounts for about 14 percent of Morocco’s GDP while tourism accounts for 10 percent.
(Reporting By Souhail Karam; Editing by Toby Chopra)
.
