Morocco: Growth slowdown, 2nd Q GDP +2.6%

Morocco's growth slowed slightly in the second quarter of 2012, with GDP up 2.6%, down from 2.8% in the previous quarter, according to figures released on Thursday by the Moroccan High Commission for Planning (HCP). Third quarter GDP growth is projected at 2.9%, HCP said. A 9.8% drop in added value from the agricultural sector was behind the slowdown, according to La Vie Eco newspaper. That sector was down 8.3% in the first quarter. Hard wheat, soft wheat and barley dropped 39.3% over 2011, the paper said. Non-farming sectors performed well at +4.6% in the first quarter, +4.7% in the second quarter, and up a projected 4.8% in the third quarter.