The economy of Morocco advanced 2.4 percent year-on-year in the second quarter of 2018, easing from a 3.2 percent expansion in the previous period. It was the weakest growth rate since the last quarter of 2016, as output growth slowed in the primary sector (1.7 percent from 2.7 percent in Q1), mostly due to fishing (-13.3 percent from 5.0 percent). In addition, the secondary sector grew at a softer pace (2.0 percent from 4.1 percent), namely mining (-1.1 percent from 16.6 percent), electricity and water (3.1 percent from 7.8 percent) and manufacturing (2.7 percent from 3.2 percent). Also, output growth slowed in the services sector (2.9 percent from 3 percent), mainly due to financial and insurance services (2.0 percent from 3.3 percent), internal trade (4.2 percent from 4.5 percent) and hotels and restaurants (6.1 percent from 6.7 percent). GDP Annual Growth Rate in Morocco averaged 4.08 percent from 1999 until 2018, reaching an all time high of 9.30 percent in the second quarter of 2006 and a record low of 0.50 percent in the fourth quarter of 1999.
GDP Annual Growth Rate in Morocco is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Morocco to stand at 3.20 in 12 months time. In the long-term, the Morocco GDP Annual Growth Rate is projected to trend around 5.50 percent in 2020, according to our econometric models.