São Paulo – The Moroccan Central Bank expects the country’s economy to grow by 4% to 5% next year. According to an article published by news agency Maghreb Arabe Presse , the institution has revised its projections and believes that despite the positive foreign accounts indicators in November, especially due to remittances by Moroccans living abroad, some signs of the economic slowdown in partner countries are reaching the country.
The Moroccan economy has been decelerating gradually for a few months now in tourism and export revenues, with the exception of the phosphates and derivatives industry. As a result, the initial forecasts for the growth of the non-agricultural Gross Domestic Product (GDP) in 2011 have gone from the 4.5% to 5.5% range to 4% to 5%. According to the Central Bank, inflation is at a level in which prices can remain stable.
A significant share of Moroccan revenues originates from tourism. The country is also an exporter of manufactured goods, such as shoes and textiles, and is also the leading phosphate exporter in the world. According to the Central Intelligence Agency (CIA), remittances by Moroccans who work in other countries are also important to the country’s GDP. Despite its relatively stable economy, Morocco struggles with high rates of poverty and unemployment, which are being addressed through human development programs implemented by the government.
The country had a GDP of $ 103 billion last year and the monthly per capita income is US$ 4,800. Agriculture accounts for 17.1% of the Moroccan economy, industry accounts for 31.6% and services, including tourism, answers to 51.4%, more than half the country’s revenues. Morocco has a labour force of 11.44 million people, according to the CIA.
*Translated by Gabriel Pomerancblum
