Macroeconomic Forecast Morocco

We expect GDP growth to reach 4.9% this year, buoyed up by strong agricultural production. In addition, we expect the budget deficit to reach 4.4% of GDP, a greater figure than the government’s target, but an improvement on 2003. Key risks to the fiscal deficit come from the privatisation process; major sales, such as the planned divestiture of Maroc Telecom, would boost government revenues and narrow the deficit.

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