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Morocco earthquake damage could wipe out as much as 8% of GDP

The US Geological Survey warns of severe potential economic losses from the Morocco earthquake's "extensive damage."
Morocco earthquake

Morocco’s deadly earthquake that struck on Friday, killing around 2,500 people so far, could cost the economy as much as 8% of Morocco's gross domestic product, according to the latest estimates from the US Geological Survey.

According to the World Bank, the North African country’s GDP was of $134.18 billion for 2022. An 8% loss would be about $10.7 billion.

USGS, which among other things monitors the impact of earthquakes around the world, warned of severe potential economic losses for Morocco as a result of the quake. It reported that "extensive damage" is likely.

The earthquake, Morocco's deadliest in more than 60 years, struck at about 11 p.m. local time on Friday. The epicenter of the 6.8 magnitude quake was in the Atlas Mountains, around 70 kilometers (44 miles) south of the tourist capital of Marrakesh. It was shallow at a depth of 18.5 kilometers (11.5 miles), making it relatively more powerful.

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