Before covid-19 came to challenge the aviation sector, Royal Air Maroc was already going through a critical period in 2019. The Directorate of Public Establishments and Enterprises (DEPP) published a report that speaks of a loss in the order of 131 million dirhams for the year 2019.
While it was only 28 billion in 2019, the budget deficit reached 42.8 billion by the end of September 2020. It would have widened further (22.3 billion dirhams) without the contribution of the Covid-19 Fund.
After several months of negotiations, Morocco has managed to exclude no less than 1,200 products from the Free Trade Agreement with Turkey. The amendment was adopted on Thursday in the Council of Government, pending its entry into force.
In its latest publication, the rating agency Standard & Poor’s has confirmed Morocco’s rating at BBB- and notes a negative outlook.
18.3 billion dirhams (MMDH). This is the amount published by the Directorate of Studies and Financial Forecasts (DEPF) and relating to the losses of the tourism sector due to the crisis of the new coronavirus, at the end of the first seven months of 2020, i.e. a 44.1% drop in revenue.
The Kingdom’s gross tax revenues fell by 7.7% at the end of August. This is due to the decline in customs revenues and domestic taxation.
The dirham appreciated by 0.67% against the euro and depreciated by 0.21% against the dollar during the period from September 3 to 9, 2020. This is indicated by data from Bank Al-Maghrib (BAM).
The index of production of manufacturing industries excluding oil refining fell by 21.4% in the second quarter of 2020 compared to the same period in 2019. This is the consequence of the widespread lockdown in force in Morocco as well as in the majority of partner countries.
The flow of foreign direct investment (FDI) in Morocco recorded at the end of July 2020 has declined by 21.5% compared to last year. According to the Foreign Exchange Office, it amounts to 9.02 billion dirhams and is explained by a 26.4% drop in FDI receipts.
The Directorate of Strategy and Statistics of the Department of Agriculture conducted a telephone survey on cereal yields with producers. It emerges that the final production of the three main cereals for the 2019-2020 season has experienced a 57% drop.
For the first seven months of 2020, both Moroccan imports and exports of goods recorded year-on-year declines of 17.5% and 17% respectively compared to the same period last year.
At the Commercial Court of Casablanca, bankruptcy cases are on the rise and a sharp increase in the number of companies closing down due to lack of resources is expected starting in September. The balance sheet could be very heavy towards the end of the third quarter when the judicial system resumes full activity.