Economic growth could reach 4.8 pc in 2013

This upward revision of the growth can be explained by the economic recovery in the euro as well as by the performance recorded by the agricultural sector during the second half of 2013, which positively influenced the different economic activities, said Mr. Azami Al Idrissi before the Committee of Finance and Economic development of the Chamber of Representatives.

He also reported a continuous improvement of performances achieved by other sectors, especially the new trades in Morocco, and a slight increase of the index of industrial production, which rose 0.2 pc in the second quarter of 2013, after a decline of 0.7 pc in the first quarter.

The minister also highlighted the positive contribution of the volume of foreign trade to economic growth in 2013.

Mr. Azami Al-Idrissi said that at the end of August, the trade deficit fell by 4.2 billion dirhams, down 3.1 per cent compared to the same period a year ago.

He also pointed out that, apart from the phosphate and its derivatives, exports grew by nearly 4.7 pc, thanks to the performance achieved by the automotive and food industry.

The Minister also pointed out that despite a difficult economic environment, Morocco has maintained its attractiveness for foreign investment including direct revenues that increased by 22 pc at the end of August 2013, to a record level exceeding 26.6 billion dirhams.