A Bump In The Road

May 2007 | Economic Analysis

Moroccan growth looks set to plummet this year to under 2% as official reports suggest that this season's cereals harvest is the lowest since 2000, when drought conditions caused the harvest to fall to 1.9mn tonnes and resulted in a 15.8% contraction in the agricultural sector. As such, we have revised our forecast for Moroccan growth this year from 3.2% to 1.95%, and now expect a larger contraction in the agricultural sector - which accounted for 15% of GDP in 2006 - than previously anticipated. Morocco's dependence on the agricultural sector and vulnerability to unpredictable and volatile climatic conditions remains

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