The Moroccan Economy in Brief: Friday, May 06, 2022

Customer Recommendation Index: Wafasalah in first place :

Wafasalaf, a subsidiary of the Attijariwafa Bank Group and Crédit Agricole Consumer Finance, takes first place with a record Customer Recommendation Index of +46 in a study conducted by the international firm IPSOS. The study, based on a representative sample of "individual" customers with consumer credit, was conducted by telephone. In addition, the results were calculated on the basis of customer satisfaction, the effort made when taking out the loan, customer recommendation and the intention of the latter to remain loyal over the next two years. The average customer satisfaction score is 8.4/10, while the Customer Recommendation Index (CRI) scores +46 in 2021. Significant developments that allow Wafasalaf to reach the first position in terms of CRI, thereby reaching a record level.

FDI increased by 56% in Q1:

The net flow of Foreign Direct Investment (FDI) reached 3.86 billion dirhams at the end of last March, an increase by 56% compared to the same period in 2021, according to the Office of Foreign Exchange in its external trade indicators. FDI receipts recorded a rise by 7.8% totaling 6.74 billion dirhams at the end of March 2022 against 6.25 billion dirhams a year earlier. For their part, expenditures have decreased by 23.8% over the same period. For its part, the net flow of Moroccan Direct Investments Abroad (IDME) reached 4.5 billion dirhams at the end of the first three months of the year 2022, that is to say a decline by 15% compared to the previous year. Moreover, the transfers of these investments, they have involved an amount of 3.39 billion dirhams in decline by 12.6%, the net flow of IDME dropping by 21.5%.

Foreign trade: Trade deficit widens:

Morocco's trade deficit widened at the end of March. It amounted to -66.57 billion dirhams, an increase by 42.9% compared to the same period in 2021, according to the Foreign Exchange Office. In detail, imports have reached 165.55 billion dirhams in the first three months of the current year, against 123.42 billion dirhams at the end of March 2021, a rise by 34.1%, while exports have increased by 29% to 99.98 billion dirhams at the end of March against 77.52 billion dirhams in 2021, specifies the Office. Under these conditions, the coverage rate drops by 2.4 points to 60.4% against 62.8%.

Mutandis starts the year with a bang:

According to the results unveiled by the company, the consolidated turnover of Mutandis has increased by 40% in the first quarter. At the end of last March, the brand gas pedal has realized a consolidated turnover of 422 million dirhams carried by the growth in the activities "Detergents" and "Food Bottles". In the "Detergents" segment, sales reached 144 million dirhams, a rise by 5%, while the "Food Bottles" activity achieved revenues of 59 million dirhams (+39%). In Q1 2022, Season brand's turnover reached 108 million dirhams, an increase by 16%.

Participatory banks: The big jump in financing :

The financing granted by participatory banks recorded a sharp rise last March. According to the central bank, they jumped 37.1% compared to the previous year to nearly 20 billion dirhams. In detail, the real estate sector is grabbing 17.15 billion dirhams. Followed by consumption (1.17 billion dirhams), equipment (1.91 billion dirhams) and cash (85 million dirhams). For their part, the commitments of participatory banks have reached about 7 billion dirhams with banks, and this, mainly in the form of refinancing through the product of "Wakala bil Istithmar" and demand deposits received from parent banks, underlines Bank Al-Maghrib (BAM). The checking and current accounts have, meanwhile, risen by 31.8% to more than 5.6 billion dirhams, while the investment deposits are located at 1.64 billion dirhams.