RABAT: Morocco's economic growth slowed to 2.6pc in the second quarter from 2.8pc in the first quarter, the country's planning agency said on Wednesday, citing a drop in agricultural activity.
Agricultural output, which represents some 15pc of Morocco's gross domestic product, fell 2.7pc in the second quarter after a drop of 3.2pc a quarter earlier. Lack of rainfall cut cereals production to 6.1 million tonnes, down 40.7pc from 2018.
Non-agricultural growth slowed to 3.4pc in the second quarter, down from 3.8pc a quarter earlier, mainly because of the mining sector.
Money supply rose to 4.3pc in the second quarter, up from 3.8pc the previous quarter. Fixed capital formation grew to 2.8pc in the second quarter from 2.6pc in the first quarter.
Third-quarter growth is seen falling to 2.4pc as agricultural activity is expected to shrink 2.5pc.
The central bank expects economic growth to slow to 2.8pc in 2019 from 3pc in 2018.
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