Morocco's economy shrinks 6.3 % in 2020

By Xinhua News Agency

Aug 02, 2021 12:14 am

RABAT: Morocco's economy shrank by 6.3 percent in 2020 amid the Covid-19 pandemic and a bad agricultural harvest, the central bank said Saturday (Sunday in Manila).

The labor market lost 432,000 jobs, state budget deficit increased to 7.6 percent of the GDP, while the public debt rose to 76.4 percent of the GDP, said Abdellatif Jouahri, governor of Morocco's central bank, in a statement released after he presented to the Moroccan king the annual report on the economic situation for the 2020 fiscal year.

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