The International business intelligence firm, Oxford Business Group (OBG), noted that the Moroccan economy managed to achieve good results during the first quarter of 2013, despite a difficult economic environment.
Morocco has been able to achieve good results in the first quarter of 2013, despite the current economic difficulties thanks to the implementation of public finance development policy and tax system reform, stated the group in a report.
Within this framework, the (OBG) reported the challenges that the national economy faced in recent years, including the decline in liquidity and the increase in the budget deficit in relation to economic slowdown in Europe and the soaring prices of raw materials.
He added that 2012 was characterized by a difficult economic situation because of the rise in oil prices and the decline in the performance of the agricultural sector, which has negatively impacted the growth of gross domestic product (GDP) that moved from 5 pc in 2011 to 3 per cent in 2012, with the increase of the budget deficit to 7.5 pc.
In addition, the report notes that the continued weakness of European markets also contributed to the decline of 1.6 pc of tourism receipts and 3.8 pc of remittances from Moroccans residing abroad (MRE) in the first quarter of the year 2013.
The group has also highlighted the improvement of the economic indicators for the year 2013, thanks to the development in several sectors, noting that the national economy has experienced a decline in the trade deficit to 5.2 pc and increase in direct foreign investment to 10.57 billion dirhams (billion dirhams) in the first quarter of 2013 against 7.35 billion dirhams in the same period of the previous year.
The report, which stressed the need to continue efforts to control expenses, provides new measures to support fiscal stability and economic growth in the long term, in addition to medium-term actions that aim to strengthen economy and public finance, and to strengthen investors confidence and therefore ensure economic stability.