Chinese dreams

Oil, tourism and remittances have maintained their place in Morocco's economic headlines so far this year, with ever-rising oil prices pushing the Moroccan trade deficit up by 17% year-on-year (y-o-y) in the first quarter of 2006. Thankfully for the current account, tourism revenues and remittances from citizens living abroad have also been continuing to grow dramatically, the former up 19% y-o-y in January and February. We believe these revenue sources helped Morocco maintain an estimated current account of 1.5% of GDP, according to our newly revised figures.

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