Morocco News: Morocco's economic performance was remarkable in 2007, report

Morocco's economic performance was remarkable in 2007, report
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BM on 27 May, 2008 12:02:00
 
Washington - The report, which was presented on Thursday to the American
congress, noted that financial sector reform and stabilisation of government
spending have made it easier for the country to attract financial investment
since 2001, amounting to an average 2.9 per cent of GDP a year.
Recommending the continuation of modernisation of government services and the
strengthening of the institutional and legal framework, the report notes that
the 2.2 per cent real growth recorded in 2007 fell short of the 3.1% target due
to a nearly 18% drop in agricultural production. It estimates growth in 2008 to
be 6% if the harvest is average.
As regards non-agricultural activity, it expanded 5.6% in 2007 as against 5.9
per cent in 2006 and 5% in 2005, and is expected to reach +6.1% this year,
driven by industry, construction and telecommunications.
According to the report, industrial activity growth speeded up 5.5% from 3.9%
in 2006, due to high internal demand caused by the free trade agreements and
the European Unions protection measures against Chinese goods.
The report also notes that nearly 6.3 million tourists visited Morocco between
January and the end of October 2007, a 14% year-on-year increase. This, the
reports says, increased tourism revenue 13% to MAD 49.5 billion from over MAD
43 billion in the same period in 2006.
MAP