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Rabat – Industrial activity decreased in Morocco throughout the month of May, according to a monthly report released by Bank Al-Maghrib (BAM), the Moroccan central bank.
BAM collected the data from May 2 to 30, and showed a decrease in activity in all industries and sectors, with the exception of food production, and the mechanics and mining sectors which saw an increase in activity.
The decrease means that activities in the industrial sector are using only 72% of the nation’s production capacities, according to BAM’s report.
Sales similarly went down across all sectors, with the food and mechanics sectors’ increasing instead.
BAM noted, however, that while industry and other economic indicators are still down from the pre-pandemic days, they are registering gradual improvements to eventually return to the levels they were in 2019.
Morocco’s Minister of Industry Ryad Mezzour recently announced that the country had been able to generate over MAD 122 billion ($12 billion) in industrial exports between 2014 and 2021.
The number comes in large parts thanks to the Industrial Acceleration Plan which aimed to boost the sector, creating more 23,000 jobs by 2020 through encouraging investments and boosting human resources.
Companies such as Adient Automotive Seating and plastics giant Erum have recently announced the opening of new factories in Kenitra and Tangier, further affirming Morocco’s goals to recover to pre-pandemic levels.
Read also: Morocco To Support Economic Actors Amid Current Challenges
