HCP also reported an increase in the producer price index for Morocco's industrial sector in the month of July.
Rabat – Morocco’s central bank, Bank Al Maghrib, has said that the country’s industrial production improved during the month of July.
The bank reported an increase in production with a capacity utilization rate (TUC) of 67% in July, up from 64% in June.
Sales progressed both on the local and international market, according to Bank Al Maghrib. However, orders have fallen to a level below the normal volume.
Morocco’s industrial production and sales increased in all branches, with the exception of “chemicals and petrochemicals,” where sales have “stagnated” in terms of branch of activity.
The decline in global orders reflects those of all branches of activity except “textiles and leather” and “mechanics and metallurgy,” where levels have progressed.
Business owners generally anticipated an increase in production and stagnation in sales. However, Bank Al Maghrib reports that 34% of business owners said that they have no visibility in terms of the future development of production. In terms of sales, 43% said they have no visibility.
In addition to the industrial production notice from Bank Al Maghrib, Morocco’s High Commission for Planning (HCP) also reported an increase in the producer price index in the industrial sector.
The HCP statistics showed that the producer price index recorded an increase of 0.3 during the month of July against a month earlier.
Morocco’s economy minister reported that the COVID-19 crisis has significantly impacted the industrial sector.
The automotive sector recorded a 96% drop as of the end of April compared to an 86% drop in March.
Exports of aeronautics also dropped by 81% in April compared to a 52% drop one month earlier.