Morocco records 1.2 pct economic growth in Q1

Morocco's economy grew by 1.2 percent in the first quarter of 2022, according to a report released Tuesday by the country's High Commission for Planning.

The growth rate, which was larger than the 1 percent reported in the same period last year, was driven by secondary and tertiary sectors, as well as a 3.3 percent increase in value added excluding agriculture, according to the commission.

Meanwhile, the consumer price index rose by 3.6 percent year-on-year, the fastest rate since 2008, the report added.

Food prices grew by 5.3 percent, while non-food inflation increased by 2.6 percent, it noted.

Morocco's Central Bank announced in March that the country's severe drought will have an impact on its economic growth in 2022, with the country's GDP predicted to expand by only 0.7 percent, down from 2.9 percent in an earlier prediction and 7.3 percent in 2021.