FINANCIAL NEWS

Morocco to cut budget deficit in 2011 to 3.5%

13 Oct 2010

(MENAFN) Moroccan Finance Minister Salaheddine Mezouar said that the kingdom’s budget deficit will shrink to 3.5 percent of gross domestic product (GDP) next year and inflation will stay unchanged at under 2 percent, Reuters reported.

According to Mezouar, this year’s deficit is forecast to be 4 percent and inflation is expected to stand at less than 2 percent.

The minister also said the country would next year achieve complete control over the level of inflation at less than 2 percent and the budget deficit which will be reduced to 3.5 percent.

Mezouar, speaking shortly before a cabinet meeting, anticipated Morocco’s GDP to grow 5 percent in 2011, repeating a forecast he made last month. GDP growth this year is predicted to be about 4 percent.

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