(MENAFN- Morocco World News) National economic growth is forecast to stand at 1.2% in 2016, taking account of a better agricultural production than what was expected in March, except for cereals, and of a revision of the contraction of the agricultural value added at 9%, said the central bank (Bank-Al Maghrib) which held on Tuesday its second quarterly board meeting.
“For 2016, taking into account that agricultural production, excluding cereals, would be higher than expected in March, Bank Al-Maghrib has revised the contraction of the agricultural value added to 9 percent. As the projection for nonagricultural GDP growth is kept at 2.8 percent, GDP growth is expected at 1.2 percent,” said the bank in a press release. “In 2017, assuming an average crop year, we expect growth to accelerate to 4 percent, with increases by 10 percent in agricultural value added and 3.2 percent in nonagricultural GDP,” it added.
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