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Morocco's GDP to be up 2.5%

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Staff writer ▼ | December 17, 2014
Morocco
Expectations   The Moroccan central bank:

The Gross Domestic Product (GDP) of Morocco should be up 2.5% this year and then slow down to 4.4% in 2015. The estimates have been issued by Bank Al-Maghrib, the Moroccan central bank, following its quarterly board meeting.

The bank has announced the second consecutive benchmark interest rate cut, from 2.75% to 2.5%. Last June, the rate had been lowered from 3% to 2.75%.

The decision was based on inflation forecasts and designed to keep the fiscal deficit at sustainable levels and improve foreign exchange reserves, in a bid to fuel a rebound in economic activity, according to the monetary authority.

In Brussels, Belgium, the European Union released a statement on Morocco's economy. According to the EU, the country has displayed “strong resilience” to the global crisis.

“The good performance of Moroccan economy over the last few years can be ascribed to prudential management of public finances and the government's implementation of its structural reform program,” says the final statement of the 12th Session of the EU-Morocco Association Council. The North African country sustains an association agreement with the European bloc.

The EU has noted, however, that the country is still faced with challenges such as consolidating its fiscal position, which seems to be on the right track, and increasing economic competitiveness to attract more foreign investment.


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