Morocco’s Economy Loses 6% of GDP Due to COVID-19 Lockdown, Says Finance Minister

Speaking to the elected representatives of the people, Mohamed Benchaâboun, the national Finance Minister, indicated that Morocco has lost 1 billion dirhams (about 93 million euros) for each day of confinement. Morocco, which has officially recorded 14,215 cases of contamination and 235 deaths in total, imposed a general lockdown on March 20, extended until June 10 and reinforced by a night curfew during Ramadan.

According to the Minister of Finance, the business community was advocating for the lockdown to be lifted as soon as possible, but their proposals have not been followed so far. According to him, exports have fallen by 61.5%, with an average of 90% in April for the automotive, aeronautics, textile and electronics sectors during the first 4 months.

As for tourism, a key sector of the kingdom’s economy, it has seen its revenues plummet by 60% in April, while the country locked its borders in mid-March and suspended all its international flights. These losses for the treasury’s revenues are estimated at 500 million dirhams (46 million euros) for each day of confinement, Benchaâboun said.