Moroccan govt endorses 2016 budget, GDP grows 4.5% in Q3, inflation rises to 0.3% in September

Casablanca, Morocco, Capital Market in Africa — Morocco’s government has ratified the draft budget for the fiscal year 2016, which showed expected deficit of around 3.5%, economic growth at 3%, at oil prices of US$61 per barrel.

The budget targets bolstering fundamentals of balanced economic growth, while encouraging supply through motivating industries and private investment, said the government spokesman Moustafa Al Khalfi.

Morocco’s economy grew 4.5 % year-on-year during the third quarter of 2015, up from 4.3 % in the previous quarter, thanks to higher agricultural output, according to the planning agency, or Haut-Commissariat Au Plan.

Cereal production jumped 64 %, helping to push up overall agricultural output by 16.6 % after a year-on-year 14.9 % rise in the second quarter, the agency said.
The planning agency earlier forecasted gross domestic product to rise by 4.7% during the last quarter of the year.

Morocco’s consumer price index accelerated by an annual of 0.3% in September, which was attributed mainly to the rise in food and beverage products, official data showed on Wednesday.

The national statistics body said education index rose by 2.9%, while hotels and houses index accelerated by 0.3%.

Meanwhile, foot ware and garments index fell by 0.6%, while household index stabilised.

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