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FINANCIAL NEWS
Morocco’s 2012 growth rate may drop to 4.2%
03 Feb 2012
(MENAFN) Morocco’s finance minister, Nizar Baraka, said that during the current year, the country’s growth level would be expected to fall to 4.2 percent, reported Arab News.
Baraka added that the 2012 budget, which was passed in October, would be revised due to the problems in the global economy and the lack of rainfall this year which would hamper the kingdom’s agricultural sector.
He also said that the budget deficit grew this year to over 4 percent of gross domestic product as a result of extra spending on subsidies and government salaries in the face of the unrest, however, the government plans to slash it to 1 percent.
It is worth noting that for the past 5 years, Morocco has had an average growth rate of nearly 4.8 percent, nevertheless, it is believed to have fallen slightly during last year.
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