Morocco - GDP grew 3.5% in the first quarter of the year 2010
The High Commission for Planning (HCP) has stated that the Moroccan economy’s GDP grew 3.5% in the first quarter of the year 2010, against 2.2% a year earlier. This development is a result of an increase of 5.4% in non-agricultural GDP.
HCP has said that the agricultural value added declined by 8.6% in volume. All the non-agricultural activities recorded an improvement compared to the first quarter of 2009. Morocco’s industrial production index increased 0.6% during the first quarter of 2010 compared to the same period last year.
Meanwhile, The African Development Bank (AfDB) has approved a loan of 100 million Euros to finance the fourth phase of Morocco’s Public Administration Reform Support Programme (PARSP IV). The statement from the bank said that the programme’s objective is to promote strong economic growth and sustainable development, thereby strengthening the economy’s competitiveness while ensuring medium-term macro-economic viability. These are expected to boost the property market in the country.
Investors are able to take advantage of competitive deals for properties something which is further enhanced by the cheap labor and materials in Morocco making renovating an attractive choice for many. Individuals looking to buy properties in the country will be pleased by news that visitor numbers rose by six per cent during 2009 and government officials are already predicting further rises of around ten per cent this year, Reuters reported.
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