Rabat – This rate is ascribable to the growth of non-agricultural activities, bank credits, inflation-curbing measures and the decline in employment rate, he said at a joint press conference with Minister delegate in charge of budgeting Idriss Azami Al-Idrissi.
Referring to the sector of Agriculture, the Minister underlined a 4.1% increase in the sector’s value added during the first three quarters of 2011 thanks to a bumper cereal crop of 84 million quintals and the good performance by other sectors.
Non-agricultural growth rose to 4.7% over the year 2011’s first three quarters versus 4.5% a year before due to the resumption of activities by the sectors of building and public works, and services, he went on.
The expected rate is also due to speeding up the rhythm of bank credits’ distribution which increased by 10.5% to reach 65.1 billion dirhams, he noted.
He added that the inflation rate stood at 0.9% late December 2011 and that the employment rate declined to 8.9% at the national level.
He concluded by saying that the Kingdom’s growth rate will not exceed 4.2% in 2012 because of the downturn witnessed by Morocco’s main partner, the EU, and the current cold spell.
