Kingdom of Morocco’s office of the High Commissioner for Planning said that the country’s economy is expected to achieve 2.4% growth this year which will create 60,000 local job opportunities.
The announcement was made during the 2014 Forecast Budget held last month in Casablanca, Morocco.
“This year will be marked by an increase in global demand for Morocco by 4.7 pc up from 1.6 pc in 2013, and a downward trend in commodity prices on international markets,” the Minister said noting that the average price of oil increased from 104.1 dollars per barrel in 2013 to 103.8 in 2014.
He added that the High Commissioner for Planning stated that the growth of non-agricultural activities is expected to be 3.6% compare to of 2% of 2013 in sectoral developments.
Speaking of domestic demand, the Minister stated that it will continue to be the driving force of national economic growth, contributing 2.6 points against 2.8 points in 2013.
The contribution of external demand to growth in gross domestic product (GDP) would remain negative (around 0.1 percentage points in 2014), down from 1.6 points in 2013, he said.
The forecasts for 2014 are established on the basis of an average scenario for agricultural production during the 2013-2014 crop year, and the new fiscal and budgetary measures announced in the 2014 finance bill, including expenditures, and subsidies.