Morocco's GDP up 6.5 percent in 2001,
Morocco, Economics, 7/18/2002

Morocco's economy globally scored positive results in 2001, says Bank Al Maghrib, Morocco's central bank, in its 2001 annual report, that was handed over Tuesday in Rabat to King Mohammed VI by the bank's wali, Mohamed Seqqat.

The gross domestic product increased by some 6.5 percent following a 25 percent rise in agricultural production after two consecutive years of drought, said Seqqat when presenting to the sovereign a summary of the report.

The increase is also the result of a progression of more than 4% of secondary and tertiary activities, as compares to the rate of the past two years.

According to the report, the evolution was combined to a noteworthy consolidation of fundamental balances, thanks to an increase of tourism returns and a rise of remittances by Moroccan expatriates, in addition to the purchase of a part of MAROC TELECOM capital by a private operator for some 23.3 Billion Dirhams (US $ 2.22 Bln).

The balance of payment scored a surplus, equal to 5 percent of the GDP, and the budget deficit was curbed to 2.7 percent, i.e. to a rate lower than the 3 percent initially set.

Prices remained stable despite a 5 percent devaluation of the Dirham and employment, which remains on top of the authorities' concerns, scored some improvement.

The report also noted that exports have globally increased, despite the international lethargy, while imports stagnated after the increase recorded in 2000. The deficit of the trade balance was slightly decreased and the country's hard currency reserves recorded a noteworthy increase, representing nearly 12 months of imports.

Director of the king's office, Mohamed Rochdi Chraibi, and charge de mission at the royal office, Fadel Benyaich, were present at the audience when Seqqat handed the bank's report to the sovereign.

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