Madrid highly appreciates King Mohammed VI’s support in time of economic crisis: FM

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Madrid, July 14, 2013 (MAP)

Spain said it is grateful to King Mohammed VI who called for supporting Spain in the economic crisis, said Spanish foreign minister José Manuel Garcia-Margallo.

“We highly appreciate the message of HM King Mohammed VI and the Moroccan government’s openness and will to support Spain in the difficult period of economic crisis,” said the Spanish official in an interview with MAP office in Madrid on the occasion of the Spanish monarch’s visit to Morocco (July 15-17).

King Mohammed VI had reiterated in the throne speech of 2012 commitment to finding new opportunities to promote economic conditions conductive to creating wealth for both Morocco and Spain, thereby giving tangible substance to the two countries active solidarity.

« Internalisation of our enterprises is important to alleviate the crisis effects and restore growth”, said the head of the Spanish diplomacy who also called economic ties between the two countries “excellent”.

Morocco has become a key country not only for exports and imports but also for Spanish investments, he added, recalling that Spain is now Morocco’s first trade partner.

King Juan Carlos’ last official visit to Morocco dates back to 2005. The Spanish Morocco also went to Marrakech in 2011 following a terrorist attack against the Argana coffee shop.

A sharp decline in domestic demand influences the report economic growth - HCP

By Loubna Flah

Morocco world news

Casablanca, June 4, 2013

The High Commissioner for planning (HCP) issued a memorandum assessing the performance of the Moroccan economy with emphasis on the level of domestic demand.

The HCP report revealed a considerable dip this year domestic demand. The contribution of domestic demand to economic growth decreased by 3.8% it has reached 2.7% in 2013 from 6.5% last year.

Domestic demand is defined as the total amount that is spent on goods and services by individuals, businesses and Government, or which would be spent if the products and services were available.

HCP reports attributed this slowdown of domestic demand to a significant slowdown in consumption of households by 3, 8%, a strong decrease in spending last year, estimated at 7, 4%.

The decline in domestic demand also explains the low growth in international trade. On the other hand, the potential of funding also decreased concomitantly with sluggish growth in domestic growth which reached 4, 8%.

On the other hand, the transfer of remittances fell significantly affected by the decline in the income of the Moroccan community residing abroad.

These factors have contributed to a visible decrease in the growth of the national economy, declined by 5% in 2011 for 2, 7% in 2012.