Macroeconomic Forecast Morocco

In January, Morocco's trade deficit contracted sharply due to the slump in imports, which more than offset declining export revenues. In 2009 as a whole, we see the trade deficit narrowing to US$21.3bn, down from US$21.7bn in 2008. That said, a narrowing of the services surplus should push the current account further into deficit, to the tune of 6.0% of GDP (against 4.8% in 2008).

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