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Morocco Shows Relatively Good Economic Growth Prospects

Global Arab Network - - Rabih Serrai

Friday, 25 June 2010 15:25

morocco_Economy_and_Finance_Minister_Salaheddine_Mezouar

Rabat - The growth prospects of Morocco's economy, which showed a good resilience to the financial crisis, are relatively good for 2010-2011, Morocco Economy and Finance Minister Salaheddine Mezouar told local media.

The crisis unveiled some structural weaknesses relating to an inadequate diversification of exports and some domestic sectors, a statement of the Economy and Finance Ministry quoted Mezouar while addressing the 11th meeting of the strategic watch committee, knwon by its French acronym (CVS).

The volatility of the euro/dollar parity, the slowdown in exports amid a difficult European context, and the deterioration of the current account balance require vigilance and a more sustained follow-up, the same source added.

The Minister noted that the performance of the sectors of the car industry, electronic components, tourism, and remittances of Moroccan expats show signs of recovery, adding that exports of phosphates and its derivatives posted a significant year-on-year rise of 62.4% by the end of may, amid an increasing demand from Europe, the USA and India.

According to figures issued by Morocco's exchange office, ready-made clothing exports fell 17.6%, while hosiery and shoes dropped 17.2 and 10.2% respectively.

During the same period, the car industry sector’s exports rose 34.3%. This rise is ascribed notably to a good performance of the cable manufacturing and a surge of 130% in the manufacturing of utility and passenger cars.

The same increasing trend was witnessed in the electronics sector’s exports which rose 18%, while aeronautics exports fell 32.2% .

Over the same period, tourist arrivals rose 12%, the Minister said, adding that remittances of Morocco’s expats posted an 11% year-on-year rise. (MAP)

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