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The essentials in BAM’s report from 2019 on the economic, monetary and financial situation

The essentials in BAM's report from 2019 on the economic, monetary and financial situation

Tuesday, August 4, 2020 at 23:47

Discount – Here is the essence of the annual report by Bank Al-Maghrib (BAM) on the economic, monetary and financial situation for the financial year 201

9, which was presented last Wednesday to HM King Mohammed VI on the occasion of the Feast of the Throne:

• After falling to 3.6% in 2018, global growth fell sharply to 2.9% in 2019, reflecting a slowdown from 2.2% to 1.7% in advanced countries and from 4.5% in 3.7 % in emerging and developing economies.

• Against the increase in trade tensions and difficulties in certain sectors, especially the automotive industry, world trade growth slowed significantly in 2019 and fell to 0.9% after 3.8% in 2018. This development reflects the deceleration of exports, whose rate fell from 3, 3% to 1.2% for advanced countries and from 4.1% to 0.8% for emerging and developing economies.

• In 2019, growth in the Moroccan economy slowed again and fell to 2.5% after 3.1% a year earlier. This development is mainly explained by a decrease of 5.8% in agricultural value, due to adverse climatic conditions, while for the non-agricultural sectors it marked an acceleration from 2.9% to 3.8%. .

• The national economy will have created 165,000 jobs, and taking into account a net entry of 135,000 working people into the market, unemployment fell by 0.3 percentage points to 9.2%.

• After reaching 1.6% in 2018, inflation, measured by the change in the consumer price index, weakened significantly in 2019 to 0.2%, its lowest level since 19681.

• Budget implementation for 2019 ended in a deficit, excluding privatization, of 47 billion dirhams (billion dirhams), an increase of 12.9% from one year to the next and a surplus of 3.6 billion dirhams compared to the budget target.

• The trade deficit registered a deterioration of 3.2 billion dirhams in 2019 to 209.2 billion dirhams, imports increased by 9.8 billion dirhams against 6.6 billion dirhams for exports. The coverage ratio therefore improved by 0.2 percentage points to 57.4%.

• In 2019, the national currency depreciated by 2.4% against the US dollar, covering a bull market effect of 0.8% and a bear basket effect of 3.2%, following the depreciation of the euro by 5.2% against the dollar. Against the euro, it has risen by 3%.

• Bank lending noted a clear acceleration in 2019, with the rate increasing from 3.2% to 5.3%, bringing GDP from 78.5% to 79.7%. This increase reflects an improvement in the growth of loans to the non-financial sector from 3.1% to 5.5% and, to a lesser extent, loans to financial companies from 4% to 4.4%.

• In the real estate market, asset prices remained almost stable in 2019 for all categories of real estate. At the same time, the number of transactions decreased by 3.6%, with a decrease of 10.1% for land, 4.4% for goods for professional use and 1.7% for housing.

• In 2019, gross national income reached MAD 1,203.4 billion, an increase of 3.6% compared to 2018. Taking into account an increase in national final consumption of 3.5% to MAD 883.3 billion, national savings amounted to 320, 1 billion dirhams, or 27.8% of GDP.

• Currency circulation increased by 7.1% to MAD 250.2 billion in value, or the equivalent of 21.7% of GDP. In terms of volume, the number of banknotes increased by 6.3% to reach 1.8 billion dirhams, dominated by denominations of 200 dirhams with a share of 52%.

• The number of counterfeit banknotes increased by 6% in 2019 to 9,555 banknotes, worth 1.5 million dirhams (MDH). Counterfeits have particularly targeted 200 dirhams cuts, which represents a share of 69% and per series of issues, 2012 dominates with a share of 46%.

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