Morocco’s Q2 economic growth slows to 2.4%, planning agency says

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RABAT (Reuters) – Morocco’s economic growth slowed to 2.6% in the second quarter from 2.8% in the first quarter, the country’s planning agency said on Wednesday, citing a drop in agricultural activity.

Agricultural output, which represents some 15% of Morocco’s gross domestic product, fell 2.7% in the second quarter after a drop of 3.2% a quarter earlier. Lack of rainfall cut cereals production to 6.1 million tonnes, down 40.7% from 2018.

Non-agricultural growth slowed to 3.4% in the second quarter, down from 3.8% a quarter earlier, mainly because of the mining sector.

Money supply rose to 4.3% in the second quarter, up from 3.8% the previous quarter. Fixed capital formation grew to 2.8% in the second quarter from 2.6% in the first quarter.

Third-quarter growth is seen falling to 2.4% as agricultural activity is expected to shrink 2.5%.

The central bank expects economic growth to slow to 2.8% in 2019 from 3% in 2018.

Reporting by Ahmed Eljechtimi, editing by Larry King

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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