Macroeconomic Forecast Morocco

We have raised our forecast for 2006 real GDP growth to 4.1%, from 3.8% previously, in the light of reportedly good March rains that should help the key agricultural sector rebound from last year's poor showing. Even with this revision the risk remains weighted to the upside. It should be remembered though that this is off the low base that 2005 provided. We have also raised our longer-term forecasts slightly to reflect the economy's growing diversification away from agriculture, although this will remain a key segment and the importance of weather conditions, which have been trending unfavourably in recent years, keeps our forecasts on the conservative side

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