Moroccan think tank predicts 5.8 pc growth rate in 2003

Moroccan economy may score a growth rate of 5.8 percent in 2003, according to the forecasts of a Moroccan think tank.

Le Centre Marocain de Conjoncture (CMC) made the forecasts on the basis of a good agriculture harvest and a dynamic performance of non-agricultural activities.

The CMC said in its latest newsletter that if weather conditions are less constraining in the coming campaign, the agriculture sector will continue its improvement trend and contribute to growth, assessing the evolution of the agriculture sector activity to 14.5 percent in 2003.

The activities of manufacturing industries will increase by 3.6 percent while Construction and public works are expected to score a 10 percent increase, said the CMC. Mining and energy will evolve respectively by 2.5 and 6.5%, the centre said imputing mining growth to a reactivation of foreign demand and energy growth to a progression of domestic demand.

According to the CMC, trade activities and transport and communication will respectively score 3.7 percent and 5.6 percent growth.

The center is expecting households consumption to slow down for the second consecutive year, while investment may maintain the increase scored in 2002. The center said adding exports are expected to witness an upward trend.