1st January 2009: Marrakech Property News
Morocco's economic growth hit 6.5% in the third quarter of 2008 confirming the government's forecasts that eyed an over 6% rate despite the global financial crisis, official sources told APA Friday in Rabat.
The third quarter recorded a drop with a decline of 0.5 points compared to the second one, the Moroccan Planning High Commissioner in charge of statistics and official forecasts said in its latest economic bulletin.
The agricultural sector helped the economic growth hitting 11.2% against 4.3% for the industrial sector dominated by the food-processing industry, parachemistry, and capital goods (cars).
However, world demand to Morocco is expected to decline as a result of the global economic crisis. The demand is around 5% against 7.2% in 2007. The Moroccan government that took office in October 2007 forecasted over 6% growth rate in 2008 against 2.7% in 2007.
According to Rabat, the current financial shock could provide ''concrete opportunities'' to the Moroccan economy as long as it leads, in indirect results, to lowering oil prices and raw materials on the world markets.
Morocco imports all its oil needs, which account for over 6 million tons and spend nearly 30 billion dirhams (US$ 4 billion) to support basic commodities, including 75 percent of petroleum products.
The 2009 Money bill has been prepared on the basis of 100 dollars a barrel, which would enable the government to save 30% considering the current price that hit below US$ 70.
The Moroccan government eyes a 5.8% growth rate in 2009, including 3.2% for agricultural GDP and 6.1% non- agricultural GDP.