Private consumption patterns continue to look promising, bolstered in particular by a good harvest.
Agriculture accounts for around 40% of Morocco’s total workforce, leaving the broader economy highly dependent on grain yields. Private consumption has been further boosted by a sharp increase in government subsidies of food and fuel. We expect public spending on subsidies to come to MAD54.9bn (US$7.0bn) by the end of 2012, up from MAD27.2bn in 2010. Public sector wages rose by 11.0% in May, which should further increase household consumption. Our generally positive outlook is backed up by government surveys that show consumer confidence is around its highest level since early 2008.
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