The Moroccan Economy in Brief: Friday, August 5, 2022
Exports exploded by 41.2% at the end of June, thanks to the price effect:
The price effect continues to drive up exports and imports. At the end of June, foreign sales of Moroccan goods rose sharply by 62.72 billion dirhams to 215.071 billion dirhams, an increase by 41.2% year-on-year. According to the Exchange Office, this dynamic has concerned all sectors and at their head phosphates and derivatives. Their exports exploded from 84.3% to 57.468 billion dirhams. This good performance is mainly due to the price effect, which more than doubled in one year, bringing sales of natural and chemical fertilizers to 19.724 billion dirhams, although volumes decreased by 15.1%.
MRE: transfers over 47 MMDH in the first half of the year (Exchange Office):
Transfers from Moroccans living abroad (MRE) reached more than 47.04 billion dirhams (MMDH) in the first half of 2022, compared to 44.33 MMDH in the same period of the previous year, according to the Exchange Office. These transfers thus showed an increase by 6.1% (+2.71 MMDH) compared to the same period of the previous year, according to the Office, which has just published its monthly external trade indicators for the month of June. Compared to their 2018 level, these transfers have increased by more than 15.18 MMDH, says the same source.
Government external debt: 388.1 billion dirhams in the first quarter:
The stock of external public debt stood at 388.1 billion dirhams at the end of March 2022, of which 209.7 billion dirhams went to the Treasury and 178.4 billion to other public borrowers, according to the Treasury and External Finance Directorate (DTFE). At the end of the first three months of the year, government external debt draws totalled 3.9 billion dirhams, according to the DTFE in its official external debt statistical bulletin at the end of March 2022. The bulletin also indicates that 2.6 billion dirhams has been mobilized by the Treasury, of which 2.1 billion dirhams for reform support and 0.5 billion dirhams for budget projects, and 1.3 billion dirhams for Public Institutions and Enterprises projects. For its part, the external public debt service amounted to 5.5 billion dirhams (2.6 billion were settled by the Treasury and 2.9 billion by other public borrowers).
48.001 companies created in Morocco at the end of June 2022:
The number of business start-ups in Morocco stood at 48,001 units in the first six months of 2022, according to the general scoreboard of the Moroccan Industrial and Commercial Property Office (OMPIC). These enterprises are divided into legal persons with 33,529 units and natural persons (14,472), specifies the same source. By sector, distributive trades accounted for 36.28% of total enterprise creation, followed by construction and public works (BTP) and real estate activities (18.23%), miscellaneous services (17.29%), transport (9.12%), industry (6.81%), hotels and restaurants (6.37%), Information and Communication Technology (2.54%), Agriculture and Fisheries (2.27%) and Financial Activities (1.09%), according to the OMPIC Scoreboard.
ONCF: over 4.5 million passengers in July 2022:
More than 4.5 million passengers chose the train for their trips in July 2022, an increase by 30% compared to the same period in 2021, according to the National Railway Agency (ONCF). The Agency concluded the month of July on a trend of exceptional growth in passenger activity, with more than 4.5 million passengers carried, an overall increase by 30% compared to the same period in 2021, and 20% compared to 2019. Base year before Covid, says a press release from the ONCF, noting that the recovery is confirmed and augurs for a new summer.