Moroccan economy has shown resilience with growth rate of 4.7 pc in 2013, AfDB

"This performance is ascribed particularly to the good vitality of agriculture, as non-agricultural activities remained sluggish compared to 2012," said the AfDB in a report on the economic outlook in Africa, published on the occasion of the bank's annual meeting in Kigali (19-23 May). Global exported goods witnessed a 4 pc decrease due to a decline of nearly 28 per cent of exports of phosphate and its derivatives, says the ADB, adding that only exported equipment goods, mostly electric cables, have benefited from the recovery of external demand. The report notes that Morocco has continued a sound macroeconomic and fiscal management in 2013. "Thanks to a cautious monetary policy, inflation reached 1.9 pc, the current account deficit was reduced to 7.2 pc of GDP, against 10 per cent in 2012," said the AfDB.