Morocco's economy down 8.7 pct in Q3 amid COVID-19 pandemic
Source: Xinhua | 2020-10-07
Morocco's economy declined by 8.7 percent in the third quarter of 2020 amid COVID-19 pandemic, the state planning agency (HCP) said Tuesday.
The decrease was less than the previous quarter due to the easing of restrictions measures to contain the COVID-19 pandemic, it added.
The North African country's economy registered a 0.1-percent growth in the first quarter before contracting by 14.9 in the second quarter, according to HCP statistics.
Morocco's central bank has expected the North African country's GDP to contract by 6.3 percent in 2020 because of the impact of the COVID-19 pandemic.
Meanwhile, the foreign exchange regulator said in its recent statistics published Friday that Morocco's total foreign trade dropped by 18.4 percent by the end of August.
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