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FINANCIAL NEWS
Morocco’s 2012 economy to grow by 5%
15 Aug 2011
(MENAFN) Morocco’s Finance and Economy Minister, Salah Eddine Mezouar, said that in the year 2012, the country’s economy would be expected to increase 5 percent, reported Gulf News.
Mezouar added that compared with 2011, in 2012, the burden of food and energy subsidies would be forecasted to drop by around 8 percent reaching USD5 billion.
He also said that since the government wanted to avoid any protests and riots in the country, Morocco increased subsidies for the year 2011 from USD2 billion to USD5.3 billion.
It is worth noting that Morocco’s demand for oil goes up to 6 percent on an annual basis. Last year, the country’s imports of the crude reached 5.24 million tones.
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