Morocco central bank expects economic growth to fall to 3.3% in 2018

Umnia Bank, the first Islamic bank in Morocco [Twitter]

The Central Bank of Morocco yesterday said it expects economic growth to slow to 3.3 per cent in 2018 down from 4.1 per cent last year, the Anadolu Agency reported.

In a statement the bank attributed the decline to slow growth in the agricultural sector; a major source of GDP.

Moroccan economists have long called for diversifying financial revenues, strengthening other sources of GDP, and developing the agriculture sector away from conventional irrigation systems.

The bank also said it expects its foreign exchange reserves to rise from $24 billion in 2018 to $25 billion in 2019.

READ: IMF approves $2.9bn credit line for Morocco

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