Domestic growth expected to fall to 3.5% in 2018 and 3.1% in 2019, says Central Bank

Domestic growth is expected to fall from 4.1% in 2017 to 3.5% in 2018 and to 3.1% in 2019, according to central bank "Bank Al-Maghrib"'s projections.

"Nationally, the recent national accounts data for the first quarter of 2018 indicate a year-on-year slowdown of GDP from 3.5% to 3.2%, covering a slower rise in agricultural value added at 2.5%, down from 14.8%, and higher increase in nonagricultural activities to 3.4%, up from 2%.These trends would continue over the medium term, as domestic growth is expected to fall from 4.1% in 2017 to 3.5% in 2018 and to 3.1% in 2019, according to Bank Al-Maghrib's projections," said the bank on Tuesday in a statement following its Board third quarterly meeting for the year 2018.

Agricultural value added would increase by 5.1% this year then, assuming a normal crop year, would decline by 1.6% in 2019. Conversely, nonagricultural activities would continue to recover, with a 3.3% growth in 2018 and 3.7% in 2019.