Morocco's GDP up 7% in 2008 Q1, HCP

Rabat - Morocco's economy achieved a growth rate of 7% during the first three months of 2008 compared to 3% during the same period of last year, says a press release by the High Commissioner for Planning (HCP). This performance is due to a 9.5% increase of the added value of agriculture in the first quarter of 2008, after a decline of 18.8 % in the same period of 2007, and thanks to the rise by 6.5% in non-agricultural sectors (against 5.7% between January and March 2007). The Mining sector decreased from 11.7% during the first quarter of 2007 to 2.6% this year, while oil refining expanded 23.4% till March 2008 against 25.3% last year, according to HCP figures. Manufacturing posted a 5.3% increase while building and public works dropped from 11.2% in 2007 to 10.3% during the first quarter of 2008, and trade posted a 5.1% increase (2% the previous year). The sector of information and communications technologies also posted a growth of 11%, whereas financial activities, which accounted for 5.9% of Gross Domestic Product (GDP) in 2007, jumped from 16.2% in 2007 to 20.2% this year.

Rabat - Morocco's economy achieved a growth rate of 7% during the first three months of 2008 compared to 3% during the same period of last year, says a press release by the High Commissioner for Planning (HCP).
 
    This performance is due to a 9.5% increase of the added value of agriculture in the first quarter of 2008, after a decline of 18.8 % in the same period of 2007, and thanks to the rise by 6.5% in non-agricultural sectors (against 5.7% between January and March 2007).

    The Mining sector decreased from 11.7% during the first quarter of 2007 to 2.6% this year, while oil refining expanded 23.4% till March 2008 against 25.3% last year, according to HCP figures.

    Manufacturing posted a 5.3% increase while building and public works dropped from 11.2% in 2007 to 10.3% during the first quarter of 2008, and trade posted a 5.1% increase (2% the previous year).

    The sector of information and communications technologies also posted a growth of 11%, whereas financial activities, which accounted for 5.9% of Gross Domestic Product (GDP) in 2007, jumped from 16.2% in 2007 to 20.2% this year.

MAP