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Certain sectoral activities of the national economy have shown signs of recovery, said Wednesday in Rabat, Minister of Economy, Finance and Administration Reform Mohamed Benchaaboun.
«At the national level, some sectoral activities have shown signs of recovery, as evidenced by the positive trend of exports, which improved in August by 6.8% compared to the same period last year, benefiting from the relative improvement in external demand for Morocco», Benchaaboun said, responding to questions from members of the Finance and Economic Development Committee in the House of Representatives, during the general discussion of the 2021 appropriation bill.
Trade is gradually improving, supported by a recovery in external markets and an amelioration in global economic prospects, he said.
«National exports posted positive signs during the month of August, particularly in the automotive sector (+45.2%), agri-food (+33.3%) and textile and leather sectors (+4.6%)», he added.
In the same context, the construction sector has seen a significant improvement, as evidenced by cement sales, which increased by 18.6%, said the minister.
In addition, all the measures and actions, which have been taken since March, have made it possible to support household demand through the Special Fund for the coronavirus management (Covid-19) by approximately 0.9 point, and to spur investment by 0.6 point as part of the stimulus plan, thus mitigating the contraction of the national economy by about 1.5 points of growth, he stressed.
Thus, the growth rate for the year 2020 has been revised to -5.8% instead of -7.3%, said Benchaâboun.
«This growth rate remains subject to revision in the event that we take into account the emergence of a second wave of the epidemic, which has become a confirmed fact among our European partners at the end of this month and the resulting repercussions at the international and national levels», the Minister noted.
Overall, any attempt to estimate the effects of this crisis remains an approximate approach, as it is based on several non-economic factors, linked to the duration and extent of the crisis and its repercussions, the effectiveness of the measures taken to face it, as well as its impact on the level of consumer and investor confidence, he said.
