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Weak farming, hotels slash Morocco's growth in Q1

Growth in North African country slows to 2.8 per cent, hampered by falling agricultural output and a beleaguered tourism industry

Reuters, Tuesday 3 Jul 2012
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Views: 811

Morocco's economic growth eased to 2.8 per cent in the first quarter of this year from 5.3 per cent 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 per cent, the country's planning authority HCP said in a statement.
Compared to their levels a year earlier, agricultural output fell 8.3 per cent and hotels and restaurant activity fell 4.9 per cent in the first quarter of 2012, HCP said.
After growing by close to 5 per cent in 2011, the finance ministry expects GDP growth to ease to 3.4 per cent in 2012 after bad weather slashed agricultural output and as the eurozone crisis hit the tourism industry. The central bank says GDP growth would stand at below 3 per cent in 2012.
Agriculture accounts for about 14 per cent of Morocco's GDP while tourism accounts for 10 per cent.
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