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The Moroccan Economy in Brief: Thursday, January 10, 2019

The World Bank raises its growth estimates for Morocco in 2018:
The World Bank (WB) has raised its growth estimates for the Moroccan economy to 3.2% in 2018, up 0.2% from its June forecast. According to the WB's semi-annual report "Prospects for the World Economy" published on Tuesday, "an abundant agricultural harvest and a favourable tourist situation helped to stimulate growth in Morocco (...) in 2018, which is estimated to have reached 3.2%.


Medtech strengthens in S2M:
The Moroccan Capital Market Authority (AMMC) announces, in a message received by Infomédiaire Maroc, that Medtech Group acquired 18,000 S2M shares on the central market on December 27, 2018, at a unit price of 250 dirhams, exceeding the 33.33% ownership threshold of the company's share capital by upwards. As a result of this transaction, Medtech Group holds 276,987 S2M shares, representing 34.11% of the share capital.


Decrease in the unemployment rate in the third quarter of 2018:
The unemployment rate fell from 10.6 pc to 10 pc in the third quarter of 2018, compared to the same period in 2017, said Minister of Employment and Professional Integration Mohamed Yatim in Rabat on Tuesday. In response to an oral question on the "Rising Unemployment Rate", presented by the Haraki group to the House of Councillors, Mr. Yatim explained that the overall volume of employment has increased by 122,000 positions, pointing out that paid employment positions represent 85%.


Morocco and Singapore agree to develop cooperation agreements:
The Minister of Tourism, Air Transport, Crafts, and Social Economy, Mohamed Sajid, and the Ambassador of Singapore to Morocco, George Goh, have agreed to develop cooperation agreements in areas related to air transport and airport and tourism facilities. During an interview Tuesday in Rabat, Mr. Sajid welcomed the quality of Moroccan-Singaporean relations and the diversity of their cooperation, particularly in the air transport sector and tourism promotion.


Self-entrepreneurship: The DGI communicates on tax benefits:
The General Directorate of Taxation (DGI) informs self-employed entrepreneurs in a press release that the provisions of the finance law for 2019 have provided for two tax measures in their favour. First, it is a reduction in the income tax rates applicable to the turnover received by the self-employed entrepreneur, says the DGI, specifying that as from January 1, 2019, this turnover is subject to income tax at one of the new flat-rate rates, namely 0.5% instead of 1% for commercial, industrial and craft activities and 1% instead of 2% for service providers.