By Loubna Flah
By Loubna Flah
Morocco World News
Casablanca, April 25, 2013
The Moroccan industry showed strong signs of recovery during the last four months as it halted its regressive downturn according to the Moroccan daily Akhbar al Yawm.
Morocco’s central bank, Bank Al Maghrib, stated in its monthly report on the economic juncture that the performance of Moroccan industry improved by 48% during the last four months.
The report investigates the feedback and predictions of Moroccan industrialists towards the performance of industrial production. The polls show that the majority of the industrialists interviewed expressed more optimism towards the growth of industrial output, whereas 24 % noticed a slow growth during the past four months.
Bank al Maghrib ascribes this slight growth to the sophistication of production means that has reached 68% last month in all industrial sectors, especially in the Electrical and Electronic industry. The capitalization on the productive capacity reached 70% for textiles and food industry.
Though the Moroccan economy depends, to an inordinate degree, on agriculture, industry and mining contribute about one third of the annual GDP. In addition, textiles production employs nearly 40% of the labor force.
The report states also that the professionals predict more stability in the growth of all industrial sectors, especially food industry whose performance is expected to outpace other sectors.
As a result, the volume of industrial sales increased equally for the commodities destined both to the international and the domestic markets.
Moroccan Industrialists expect a steep rise in the volume of sales in the next three months, especially for food industry while other industrial sectors are more likely to stagnate.
In this regards, European Union officials had urged Moroccan industrialists to capitalize more on food safety procedures in order to increase the volume of their food products exports and to enhance trade relations between Morocco and the European Union.
The results issued in Bank al Maghrib’s report are based on the opinions and the predictions of professionals rather than empirical data, which does not give a comprehensive outlook on the real performance of Moroccan industry.
© Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributed