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The Moroccan Economy in Brief: Thursday, May 5, 2022

Industry: Activity improves in March :

The industrial activity has regained color in March. This is what emerges from the business survey in the industry of Bank Al-Maghrib (BAM). From one month to another, production and sales would have increased in all sectors except "electrical and electronics" where they would have declined, said the Central Bank in its monthly survey based on data collected from April 4 to 27, 2022. Under these conditions, the rate of capacity utilization (TUC) would have reached 72%, slightly increasing in monthly terms.

Unemployment at its lowest level in the Eurozone:

Good news for the Eurozone. The unemployment rate declined in March to 6.8%, dropping from 6.9% in February 2022 and 8.2% in March 2021, its lowest level since the creation of the single currency area in 1999, Eurostat, the European statistics office, said on Tuesday. The unemployment rate for February, initially estimated at 6.8%, has been revised upward to 6.9%, according to Eurostat. For the EU as a whole, the rate was estimated at 6.2% in March, a drop from 6.3% in February (also revised upwards to 6.2%) and 7.5% in March 2021.

Sanlam and Allianz create an insurance giant in Africa:

Sanlam, the leading pan-African non-bank financial services company, and Allianz, a global insurance and asset management leader with a century of history in Africa, have agreed to combine their current and future operations on the continent to create the largest pan-African non-bank financial services entity. Through this partnership, clients in Africa will benefit from the expertise and financial strength of two recognized and resilient brands. The joint venture will bring together Sanlam and Allianz entities in African countries where one or both companies have a presence. Namibia will be included at a later stage and South Africa is not part of this agreement.

Tangier-Tetouan-Al Hoceima: 90% of NHDI projects completed in 2021:

Approximately 90% of the projects of the National Initiative for Human Development (INDH) have been completed in 2021 in the region Tangier-Tetouan-Al Hoceima. In total, 966 projects have been completed under the four programs of Phase III of the INDH, a commitment rate of 97% and a payment rate of 82%, while the committed expenditure was established at 308.31 million dirhams on a mobilized budget of 373.62 million dirhams. The projects concern in particular the catching up of the deficits in infrastructures and basic social services (59.3 million Dirhams), the accompaniment of people in precarious situation (52.8 million Dirhams), the improvement of the income and the economic inclusion of the young people (79.5 million Dirhams) as well as the "impulse of the human capital in the ascending generations" (181.9 million Dirhams) .

Progression of bank credit to the non-financial sector:

Bank credit to the non-financial sector increased, on an annual basis, by 2.9% in March 2022, after 3.3% a month earlier, Bank Al-Maghrib (BAM) said in its key indicators of monetary statistics for March 2022. According to the central bank, this evolution covers increases by 3.5% after 3.7% of loans to households and 4.7% after 3.8% of credits to private non-financial companies. By economic object, the survey shows a rise in liquidity facilities of 7.4% after 7.6%, a decrease in equipment loans of 2.7% after 3.6% and an increase in consumer loans and real estate loans of 2.4% and 2.7% respectively, almost the same rises as the previous month.