Morocco's economic growth reaches 7.9% in second quarter
The growth rate of the Moroccan economy in the second quarter accelerated to 7.9% of gross domestic product (GDP) against 2.2% during the same period of last year, MAP quotes a report of the High Planning Council (HCP). The report ascribed this performance chiefly to 32.2% growth in the agricultural sector due to the bumper harvest in the 2005-2006 season. The growth rate of the non-agricultural GDP slowed down to 4.4%, compared to 5.6% last year, which shows the slow recovery of the textiles sector from the abolition of quotas on Asian textiles in the EU.
In terms of activity sectors, the HCP said that except for the mining, energy and public administration sectors, which registered growth rate lower than 2%, all other sectors reached a growth rate of over 3%. Morocco's GDP is expected to grow by 7.3% this year, which is to be supported by 7.4% growth of the construction sector and the development of tourism. (MAP)
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