The country’s industrial units launched their activities after a few months of suspension motivated by the COVID-19-induced lockdown.
The bank said on July 2 that industrial production increased while the capacity utilization rate (TUC) stood at 56% in May, compared to 47% in April.
The increase is due to the positive points secured at industrial levels, including mechanical and metallurgical production, as well as chemistry and parachemistry.
TUC in other industrial activities remained unchanged from April to May, BAM said in a statement.
Sales activities, however, declined in both local and foreign markets.
BAM’s assessment is the result of a survey carried out with a representative sample of almost 400 industrial companies.
The Moroccan central bank noticed an increase in production activities in chemistry and parachemstiy. Meanwhile, agro-food activities stagnated, along with mechanical and metallurgical productions.
The bank also recorded a decrease in production in the textile and leather and electrical and electronics sectors.
Sales activities have declined in all sectors except the food sector, which instead stagnated.
The bank forecasts an increase in production and sales for the next three months in all branches except mechanical and metallurgical, a sector that would see a drop in sales, according to BAM’s survey.
The study shows that 24% of employees have no idea or “visibility as to the future development of production and 30% with regards to sales.”
The change in industrial activities is mainly due to the COVID-19 pandemic, which urged authorities to take bold actions to avoid the spread of COVID-19 at industrial units.
In March, Morocco’s government announced the shutdown of businesses, including most factories, to avoid contamination among staff.
After nearly two months, Morocco started reopening its industrial units gradually to resume business activities and revive Morocco’s economy, which was directly affected by the crisis.
The pandemic’s circumstances cost Morocco over MAD 1 billion, or $100 million, a day, Minister of Economy Mohamed Benchaaboun said in May.
He added that the quarantine will cause Morocco’s economy to lose six points of GDP growth in 2020.