Growth Rate Of National Economy Slows Down In 2012, Central Bank

 The Moroccan economy growth rate slowed down in 2012 standing at 2.7% after 5% in 2011, due to the world's meltdown particularly in the Euro zone and the disadvantageous climate conditions that affected the national economic activity over the past year, says Bank Al-Maghrib (central bank) in its report on the economic, monetary and financial situation for the year 2012, presented on Wednesday to HM King Mohammed VI.

Growth rate of national economy slows down in 2012, central bank

However, this evolution covers differentiated sectoral performances, notes the same source which underlines that the primary sector showed a drop of 7.2%, after an increase of 5.1% a year earlier, due to a decrease of 8.9% of the agricultural production and an improvement of 13.7% of the fisheries' value added.

 Regarding the secondary sector, its rate of growth decelerated to reach 1.4 % instead of 4% caused by the fall of 2.4% in the mining activities and the slow-down of the industry except for oil refining and the building and civil engineering. With a rate of 2.1%, the latter posted its lowest performance since 2002, which resulted in the loss of 21,000 jobs.