The Moroccan Economy in Brief: Thursday, July 11, 2019
Electronic payment acquirers: The CMI is part of the Top 10 Africa and Middle East:
The Centre monétique interbancaire (CMI) continues to grow significantly. It ranks 8th in the ranking of electronic payment acquirers in Africa and the Middle East published by Nilson Report in its June 2019 issue 1155. The Moroccan operator thus arrives just after 4 South African buyers and 3 Emirates buyers. As a reminder, the CMI has moved from 15th place in 2014, to 11th place in 2016 and 8th place in 2018.
Economic growth: Morocco will return to above 3% in 2020:
Morocco's Gross Domestic Product (GDP) is expected to grow by 3.4% in 2020 instead of 2.7% projected for 2019, according to the national economic outlook for 2020 presented by the High Commissioner for Planning (HCP), Ahmed Lahlimi Alami. Speaking at a press conference dedicated to presenting the national economic situation in 2019 and its outlook for 2020, Lahlimi Alami said that these prospects are based on an average scenario for cereal crop production, supported by the consolidation of other crops and livestock activity in the 2019/2020 season and also imply the renewal of the fiscal policy implemented in 2019 and taking into account the implementation of the second tranche of wage enhancement.
Growth: Domestic demand saves furniture:
It is a known fact that GDP growth will remain limited this year. The HCP confirmed on Tuesday that growth forecasts will not reach 3% in 2019. Thus, it expects GDP to grow by 2.7% instead of 3% in 2018. "National economic growth in 2019 would continue to be driven by "domestic" demand, while foreign demand would make a negative contribution for the second consecutive year," says Ahmed Lahlimi, the head of HCP. Inflation, expressed as the general price level, is expected to fall to 0.8% in 2019 from 1.1% in 2018.
Tourism and private consumption are saving Moroccan growth:
Morocco's economic growth is expected to reach 2.8% in 2019, stable over the year. This increase is particularly due to private consumption, which is expected to grow by 3%, and tourism activities, which are expected to remain on a positive trend. Investments in infrastructure and the energy sector will also support activity alongside the mining industries. This is the conclusion of a new economic study recently published by the Crédit Agricole France group.
More than 10 million euros for the new site in Fez:
Alstom Cabliance is growing in strength. The subsidiary of the French rail industry giant has announced the launch of work on a second cabling site in Fez. Investment cost: more than €10 million. "Moroccan expertise is recognized throughout the world. With this new plant, we want to double our production capacity, knowing that we currently only cover 20% of our cabling needs," said Nourddine Rhalmi. The CEO of Alstom Morocco was speaking at the presentation of the new 2023 strategy of the Alstom in Motion group on Monday in Casablanca.