Morocco expects economic growth of 4%-5% next year
The Central Bank of Morocco expects an economic growth of 4% to 5% next year. According to a report by the Moroccan news agency, Maghreb Arabe Presse, the institution revised its projections and believes that despite the positive result in the foreign accounts last month, mainly due to transfers from Moroccan expatriates, some signs of its partner countries' economic slowdown may reflect in the kingdom.
Morocco has experienced a gradual slowdown for a few months, mainly in the tourism income and from exports, except in the phosphates and derivatives sector. Because of this, the initial forecasts for the growth of Gross Domestic Product (GDP) in 2011, excluding agriculture, went from 4.5% to 5.5% to 4% to 5%. Inflation, according to Central Bank, is within a necessary level to maintain the price stability in the country.
Much of the revenue is tied to the Moroccan tourism. The country is also a producer of manufactured goods such as shoes and textiles, as well as world's largest exporter of phosphates. According to the Central Intelligence Agency (CIA), money transfers of Moroccans working abroad are also important for the country's GDP. Despite a relatively stable economy, Morocco has high rates of poverty and unemployment, which is being fought by human development programs of the government.
The country had a GDP of U.S. $ 103 billion in 2010 and an income per capita of $ 4,800. Agriculture accounts for 17.1% of the Moroccan economy, while the industry is 31.6% and the service sector, where the tourism accounts for 51.4%, more than half of its revenues. The country has a labor force of 11.44 million people, according to the CIA website. (Source: www.yallafinance.com)