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Moroccos Economy to Grow by 29 for 4th Quarter of 2018

Rabat – The High Commissioner for Planning (HCP) predicts a 2.9 percent rise in Morocco’s economic growth in the fourth quarter, down from 4.4 percent in the same period last year.In its quarterly summary of October 2018, the HCP predicted that the national economy will continue to increase during the fourth quarter of 2018, supported by an increase of 3.6 percent in agricultural value-added products.Value-added products, excluding agriculture, is expected to improve by 2.8 percent during the fourth quarter of 2018, almost the same pace in comparison to the same period in 2017. The HCP attributed the improvement in plant production to the increase in the production of autumn crops, which will benefit from the improvement of dam reserves. Livestock production is expected to improve slightly, affected by reduced poultry production.Non-agricultural value-added production is expected to develop under global trends of increased trade and financial pressures as well as social, economic, and political turmoils that some emerging countries are experiencing.Overall, global trade is expected to grow by 4.6 percent and external demand for Morocco will rise by 4.5 percent.Value-added products for industry is expected to grow by 2.8 percent during the last quarter of 2018, while construction is predicted to slightly increase by 0.8 percent.The value-added production in the tertiary sector is expected to grow by 3 percent, contributing about 1.5 points to overall GDP growth.The HCP noted that while pending the results of the forecasted economic budget for January 2019, economic growth is likely to remain within 3 percent in 2018, the same increase announced in the forecasted economic budget in January 2018.