Morocco’s Economy Grew by 1.6% in 2016

Morocco’s economy posted a 1.6% growth in 2016 as a result of a 8% decline of the agricultural value added, said here on Friday economy and finance minister Mohamed Boussaid.

Budget deficit stood at 3.9% of GDP in 2016 against 4.2% a year before, he added at a press conference.

 
The unemployment rate nationwide decreased from 10.1% to 9.6%, Boussaid said.

Concerning foreign exchange reserves, the minister said that they are at a comfortable level, covering nearly 7 months of imports.

Foreign direct investments (FDI) in Morocco declined by 28.5% in 2016, Boussaid pointed out, explaining that this performance is attributed to a decline of revenues by 17.5 % and an increase of expenditures by 25.7%.

Tax receipts increased by 4.1% to reach 189.6 billion dirhams, while non-tax revenues rose by 1.7% to reach 26 billion dirhams, the minister said.

Source :Morocco World News