“L“Analysis of available economic indicators shows a generally favorable trend in national economic activity at the start of 2022, despite an agricultural campaign which seems to be severely weakened by the rainfall deficit”, indicates the DEPF, noting that the he world economy is beginning this year marked by strong uncertainties, with regard to the surge in the prices of raw materials and energy, amplified by the conflict between Russia and Ukraine with economic repercussions carrying significant downside risks.
Secondary activities confirm their recovery, particularly in the electrical energy sector, the construction and public works sector (BTP) and the extractive sector.
The latter continued its dynamism, benefiting from the positive development of foreign demand addressed to Morocco at the level of OCP activities.
In terms of domestic demand, household consumption should maintain a positive trend, benefiting from the generally favorable behavior of the main income barometers.
This is a growth in consumer credit of 2.5% at the end of January 2022, a convincing level of transfers from Moroccans residing abroad (MRE) and the maintenance of the compensation effort by the government (5.3 billion dirhams at the end of February 2022) in order to mitigate the impact of rising international prices on household purchasing power.
For its part, the investment effort should be consolidated in line with the good performance of imports of capital goods and semi-finished products which increased respectively by 13.5% and 53.1%, at the end of January. 2022.
With regard to foreign trade, exports increased by 23% at the end of January 2022, following the increase in sales abroad of almost all export sectors, in particular the phosphates and derivatives, agriculture and agri-food and textiles and leather as well as the aeronautics and electronics sectors. At the same time, imports increased by 39.5% at the end of January, widening the trade deficit by 75.2%.
In addition, Official Reserve Assets (AOR) remain at their end-December 2021 level, covering 6 months and 22 days of imports of goods and services. In terms of public finances, the 9.1% increase in ordinary revenue at the end of February 2022 resulted in a reduction in the budget deficit, despite the 2.5% increase in overall expenditure.
In addition, the indicators relating to the financing of the economy reported an improvement in the growth of bank loans of 3.4% at the end of January 2022. On the other hand, the stock market indices MASI and MSI 20 respectively posted drops of 5.9% and 6.7% last February, offsetting their positive performance compared to the end of December 2021.