São Paulo – The Gross Domestic Product (GDP) of Morocco should be lower in 2014 than this year, disclosed on Thursday (20) in Rabat, the High Commissioner for Planning of Morocco (HCP). According to the institution, which is the statistics office of the country, next year Morocco will have a lower agricultural crop, greater financing difficulty and will face a more adverse foreign environment than this year. The forecast is for the country’s GDP to grow 2.5%. In 2013, the expansion is estimated to reach 4.6%.<\/p>\n
The government of Morocco forecasts a reduction in GDP growth mostly due to the belief that the foreign demand for country products in 2014 should drop as against 2013. The office evaluates that next year the GDP of rich countries should grow 2.2%, on average, while the forecast for this year is for growth of 1.2%. However, these countries should seek raw material “at a high volumes” from large emerging markets, not Morocco. <\/p>\n
Due to this foreign scenery, Morocco forecasts that most of its growth should come from the domestic market, especially from the population’s consumption, which should be lower than in 2013.<\/p>\n
Gross investment and funds from savings accounts should also drop. The High Commissioner for Planning forecasts that in 2014 reserves in foreign currency should cover the spending of three months of imports. In 2013, reserves should cover 3.7 months of purchases.<\/p>\n
Dependence on agriculture<\/strong><\/p>\n Although Morocco has invested in greater crops in recent years, and in greater agricultural productivity, the forecast is that the 2013-2014 crop should obtain 3.8% lower revenues than in 2013, when revenues obtained with the sector grew 14.7% over 2012.<\/p>\n On the other hand, Morocco forecasts growth of non-agricultural sectors in 2014 which, however, are not enough to make the GDP grow more than this year. Industry should grow 2.6% in 2014 and 1.8% in 2013. The trade of services has forecasted growth of 4.1% next year and 3.8% this year.<\/p>\n HCP states that the country needs to make structural reforms allowing it to increase savings account funds and the country competitiveness. HCP also warns that if it promotes these reforms “urgently” the country may grow in a sustained manner in coming years.<\/p>\n *Translated by Mark Ament<\/strong><\/p>\n