Growth rate down, investments up in Morocco

Morocco will post in 1999 a low growth rate of 1%, while investments will rise by 23.7%, Al-Ittihad Al-Ichtiraki daily reported on Tuesday.

The low GDP growth rate compared to the 6% recorded in 1998 is attributed to a rainfall shortage, the daily said, quoting Economy and Finance Minister Fathallah Oualalou, who was speaking at a meeting with the finance and economic development committee at the house of representatives (lower house of the parliament).

The minister told the committee that inflation will not exceed 1% in 1999, while the financial deficit will stand at 2.3%.

Moroccan economy will gain in momentum in year 2000 with a GDP growth of 6.6%, Oualalou predicted.