African Development Bank: Morocco’s GDP to reach $121.4 billion in 2017
Rabat : Morocco’s gross domestic product (GDP) is expected to reach $121.4 billion in 2017 compared to $116 billion in 2016, according to the latest projection of the African Development Bank (ADB) published recently in Abidjan.
For the first time, Morocco’s GDP is forecasted to exceed MAD 120 billion. According to a statistical bulletin of socioeconomic indicators in Africa, the performance of the Moroccan economy almost doubled in the last 12 years, from $65.62 billion in 2006 to 121.42 billion in 2017.
With this significant growth in the national GDP, Morocco ranks sixth in Africa’s economic powers, following Nigeria with $581.5 billion, South African with $276.1 billion, Egypt with $263.7 billion, Algeria with $170.3 billion, and Sudan with 123.9 billion.
For the ADB, Morocco’s economic growth is expected to see a significant acceleration in 2017, settling at 4.5 percent and 3.9 percent in 2018, mainly due to a strong rebound in agricultural production. According to the bank, the kingdom will exceed the global, African, and North African average growth rates set at 3.5, 3, and 3.1 percent respectively in 2017.
Globally, the bank is expecting a general improvement of the African economic performance in the medium term, boosted by the efforts deployed by the countries in the structural transformation of their economies, which “must continue with urgency and intensity” in the face of volatile commodity prices.
According to the ADB, the dynamics of domestic demand and public investment in infrastructure have also helped support growth in many countries.
“Beyond the accumulation of physical capital, the productivity of these investments, which is important for sustainable growth, must remain a political priority,” ADB experts recommend. According to the bank, budgetary and current account deficits are expected to narrow due to strong export performance and increased government revenues.
At the regional level, East Africa remains the fastest growing region, with an estimated 5.4 percent in 2017 and 5.8 percent in 2018.
—SM/OIC-UNA