Reuters
Morocco’s economic growth slowed to 3 percent in the second quarter of 2018, after 3.2 percent in the first quarter, the country’s planning commission said on Tuesday.
Growth is expected to remain flat at 3.2 percent in the third quarter, with agricultural output dropping 2.6 percent.
Agricultural activity rose 3.1 percent in the second quarter while non-agricultural sector growth slowed to 3 percent, compared to 3.3 percent the previous quarter.
Manufacturing growth was 2.9 percent in the second quarter, after 2.3 percent in the same period last year.
Food prices lifted inflation to 2.6 percent in the second quarter, up from 2.1 percent in the previous quarter. Exports rose 13.9 percent thanks to an increase in demand from the Eurozone countries.
The automotive sector continued to top Morocco’s exports, contributing 5.4 points to the overall export growth, while phosphates and derivatives contributed 4.7 points.
Imports soared 9.2 percent year on year in the second quarter driven by energy and industrial machinery.
Fixed capital formation rose 3.4 percent in the second quarter. Money supply slowed to 5 percent year-on-year, down from 5.5 percent in the first quarter.
The Central Bank forecast economic growth of 3.6 percent in 2018, based on expectations of a cereals harvest of 9.82 million tonnes. (Reporting by Ahmed Eljechtimi; editing by Andrew Roche)
