Weak performance of moroccan economy in 1999, think tank says
Morocco, Economics, 11/15/1999
The updated growth rate of the Moroccan economy in real terms would stand at around 0.6 % in 1999 and the gross domestic product, not including agriculture, would grow by 2.6 % only, compared to 3.7 % in 1998.
The figures were disclosed by the bi-annual newsletter of the Moroccan economic think tank "Le Centre Marocain de Conjoncture" (CMC).
The center ascribes the slow pace of economic activity mainly to the significant drop in the agriculture value added which would decrease by nearly 12 % in volume, in view of the poor 1998-1999 agricultural campaign. During this campaign, cereal production did not exceed 3.56 million tons, recording a drop of 49 % compared to the previous campaign (1997-1998).
According to the center, the drop would have been more acute, had it not been for the progress scored by some industrial and oil sectors (13.6 %), vegetables (5.7 %) and fruits (4.5 %).
Cattle breeding and fisheries scored an increase respectively of 4.4 % and 11.0%.
The drought that affected the agricultural harvest throughout Morocco had a negative impact on the rural populations who suffered from water scarcity and whose purchasing power decreased.
The situation prompted the government to extend assistance to the rural world. A budget of $ 318 million (3.18 billion DH) has been earmarked for the rural world and another budget had been allotted to alleviate farmers' indebtedness.
In Morocco, agriculture contributes 20 % to the GDP.
Morocco posts 6.3% growth in 1998, World Bank reports
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Moroccan expatriates' remittances to reach $2 billion
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