Akhannouch: National economy more resilient despite inflationary shocks

Although Morocco has gone through one of the most difficult periods in its economic history, it has managed to accomplish a set of achievements restoring the national economy and making it even more resilient to inflationary shocks thanks to the government strategy, said the Chief Executive.

During the monthly session held in the House of Advisors, the head of government, Aziz Akhannouch, said that the value of national exports crossed the 390 billion dirham mark for the first eleven months of 2022, i.e. an increase of 33% compared to 2021 (292,749 billion dirhams). He adds that exports of phosphates and derivatives increased by 54.8% (108.044 MDH), the automotive industry by 35% (100.375 MDH), while exports of agriculture and agri-food increased by 18% (73.807 MDH).

It should be noted that even textile and leather exports grew by 22.2%, or more than 7,430 MDH during the same period thanks to the increase in sales of ready-made clothing (+23.2% or +4,856 MDH), knitwear (+14.4% or +992MDH) and shoes (+33.2% or +797MDH).

The head of government recalled that foreign direct investment (FDI) receipts reached 32.479 billion dirhams at the end of October 2022, recording an increase of 33%, or more than 8 billion dirhams compared to October 2021, while the net flow of FDI increased by 50.5% from 14.52 billion dirhams in 2021 to 21.85 billion dirhams in October 2022. He thus considered that these figures represent positive indicators given the impacts witnessed by the Kingdom.

Regarding the drop in national agricultural production for the year 2022 due to unfavorable climatic conditions, Akhannouch said he was optimistic given that the sector should record a growth of 1.5% on the basis of the assumption of a good progress of the agricultural campaign.

The senior official affirmed that his government has made all the necessary efforts in order to maintain the financial balance of the sector, like other sectors, noting that the additional funds have been pumped from an additional amount worth 40 billion dirhams to deal with the high cost of living and fluctuating gas, transport and food prices, among others.

With all these obstacles and accumulated impacts, the Chief Executive reports that the deficit rate has remained stable at 5.3%, a positive rate compared to the forecasts of the finance law for the year 2022, i.e. a saving of 7 billion dirhams. Added to this are tourism receipts which reached 81.72 billion dirhams at the end of last November. Remember that it is under the effect of the recovery that Travel revenue more than doubled in one year, going from 32.28 billion dirhams at the end of November 2021 to 81.72 billion dirhams at the end of November 2022, thus becoming the best in terms of tourism revenue.

Akhannouch also referred to the efforts made by the government to ensure balanced macroeconomic dynamics, putting the citizen at the heart of priorities by protecting their purchasing power, guaranteeing their access to health and education services and launching different quality-based social support programs.

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