The Higher Commissioner for Planning in Morocco revealed that Morocco's economic growth slowed to 2.6 percent in the second quarter of this year, compared to 2.8 percent in the first quarter as a result of the drop in the agriculture sector.
Agricultural output, which accounts for about 15% of Morocco's GDP, fell 2.7% in the second quarter, after falling 3.2% in the previous quarter. The lack of rain led to cereal production falling to 6.1 million tons, down 40.7 percent from 2018.
The non-farm growth slowed to 3.4% in the second quarter, down from 3.8% in the previous quarter, mainly due to the mining sector. Money supply increased 4.3% in the second quarter, up from 3.8% in the previous quarter.
Growth in the third quarter is expected to fall to 2.4 percent, amid estimates that agricultural activity will shrink 2.5 percent, while Morocco's central bank expects economic growth to slow to 2.8 percent in 2019, from 3 percent in 2018.
Source (CNBC Arabic Website, Edited)
