Macroeconomic Forecast Morocco

Q106 growth came in at a strong 5.7%, compared to overall growth of just 1.8% last year, boosted by an estimated 75% increase in cereals production in this year's agricultural campaign. Non-agricultural growth stood at a little under 4%. We have as a consequence slightly increased our forecast for the year as a whole to 5.6%, from 5.3% previously. However, this relatively low figure is largely due to a base effect because last year's growth was unusually low, owing to the poor harvest.

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