Macroeconomic Forecast Morocco

Growth in Moroccan imports dipped again in August, declining by 30.3% y-o-y. Cumulatively, in the first eight months of the year, imports were down by 21.5% y-o-y. We have recently revised our balance of payments forecasts, and now expect imports in 2009 to come in 18% below 2008 levels, resulting in a contraction of the current account deficit to 4.3% of GDP (from 5.7% in 2008).

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