Morocco’s economy suffered a loss of around $90 billion due to drought and downfall in consumption growth, official data suggested on Wednesday. The North African nation’s economic growth also slowed down to 2.6% in the second quarter of this year from 2.8% the previous quarter, the report added.
GDP growth in the second quarter of 2011 stood at over 4%, charts showed in a statement issued by HCP, the country’s planning authority.
The authority said agricultural output fell 9.8% compared to a year earlier. It also noted a decline in the growth pattern of domestic consumption, a key engine of growth in this country, with cement sales falling an annual 1.7% in the second quarter while they were up 21.4% in the first quarter.
“The pace of growth in industrial equipment investment has also decelerated during the second quarter,” HCP added, with growth in imports of industrial equipoment falling to 4.6% in the second quarter from a 14.6% rise in the first quarter.
After growing close to 5% in 2011, the finance ministry expects GDP growth to ease to 3.4% in 2012 after bad weather slashed agricultural output and as the euro zone crisis hit the tourism industry. The central bank says GDP growth would stand at less than 3% in 2012.