Browsing: Morocco Economy

• Morocco’s car sales exceeded 160,000 units in 2021 and creating over 220,000 direct jobs
• The auto industry is also set to contribute as much as 24% to the Moroccan GDP by 2022
• Despite the consequences of the COVID-19 crisis, the industry has gradually recovered this year, selling around 400,000 cars to Europe

Morocco has surpassed South Africa as the biggest exporter of passenger cars on the continent with $7 billion (MAD 65.1 billion) exports made in the car industry at the end of 2018.

New data indicates that the country’s automotive industry is growing exponentially each year with car sales exceeding 160,000 units in 2021, and creating over 220,000 direct jobs.

According to several international experts, Morocco’s auto industry is set to contribute as much as 24% to the Moroccan GDP by 2022.

As of 2021, new passenger vehicles (PCs) recorded an increase of +10.77% with 115,611 units sold, transforming …

Morocco’s Gross Domestic Product (GDP) is expected to fall by 6.3 per cent this year before recovering quickly and rebounding by 4.7 per cent in 2021 according to Morocco’s central bank, Bank Al-Maghrib. (https://kadence.in/)

According to Bank Al-Maghrib, like all countries around the world, the Moroccan economy has been affected by COVID-19 pandemic and the lockdown measures put in place to prevent the spread of the deadly virus.

While continuing to monitor the economic and financial situation closely in the country and at the international level, the bank decided to maintain its key rate unchanged at 1.5 per cent.

As a result of higher volatile food prices, the Moroccan Consumer Price Index rose by 0.9 per cent in August after its stagnation in the second quarter and its slight year-on-year decline in July. (https://vivanteliving.com/)

The central bank also added that inflation is expected to continue evolving …

The World Bank approved $48 million loan to Morocco to help the country in dealing with the effects of the COVID-19 pandemic as it relaxes restrictions in a bid to reopen its economy. 

The loan is part of World Bank’s ongoing programme approved in 2015 for Results project which aims at supporting primary health care services. 

The international financial institution said that through project restructuring, a total of $13.01 million is in undisbursed funds under the programme. The bank further said that from the WBG Fast Track Covid-19 Facility, an additional of $35 million will support Morocco’s COVID-19 health sector response by strengthening detection, prevention, case management and surveillance. 

According to World Bank Maghreb country director, Jesko Hentschel, Morroco’s government had already taken significant measures to contain the outbreak of the pandemic and lessen the impact on vulnerable households and sectors. 

Hentschel also said that the country …

The Moroccan planning agency revealed on Wednesday that, the country’s unemployment rate slipped to 9.2 per cent in 2019 from 9.5 per cent in 2018. This was attributed by the offset labor gains in town and cities, after heavy job losses within the rural areas, Reuters revealed.

Morocco which is now run under a new coalition-government, its economy was spotted by World Bank (in October 2019) to be slowing down below its potential constrained by a volatile, rain-fed, agricultural sector and slow growth in the tertiary sector.

According to World Bank, real GDP slowed to 2.7 per cent in 2019, while non-agricultural growth improved by 3.4 per cent (compared to 3 per cent in 2018), driven by the better performance of phosphates, chemicals, and textiles.

READ U.S.-Africa Business Summit 2020 to be hosted in Morocco

In addition, the government is currently working to develop a new model of economic development …