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Economy

Inflation in Morocco Decreases to 4.3% in October, HCP

Morocco’s core inflation fell to 4.3% on an annual basis in October, down from 4.9% in September and 5% in August, according to Morocco’s Statistics and Forecasts Office (HCP). In October 2023, the Consumer Price Index (CPI) decreased by 0.1% compared to the previous month. This change resulted from a 0.4% decline in the index for food products…

EBRD Launches Youth in Business Program in Morocco

The European Bank for Reconstruction and Development (EBRD) will channel €100 million in credit lines for young entrepreneurs in Morocco through the local launch of its Youth in Business program., announced EBRD on Monday. Over five years, six eligible partner financial institutions (PFIs) for on-lending to youth-led micro, small-and-medium-sized…

Overnight Stays in Marrakech Increase Dramatically by 61%, Despite Sept. Quake

Despite the deadly earthquake that rocked the red city in early September, tourist bed-nights in Marrakech increased by 61% over 2022, and by 27% in the month of October alone, according to Morocco’s Ministry of Tourism in a statement following an article on tourism in Marrakech published on Friday. In October, the key outgoing markets for…

Morocco’s Wheat Imports Increase to 256,000 Tons in October

Morocco imported more than 256,000 tons of soft wheat last month according to the National Federation of Grain Merchants. The Federation revealed that these quantities of soft wheat were imported from France, Romania, Lithuania, Poland, and Russia, as part of an effort to recover from a wheat supply deficit which began in September. The goal is…

Morocco Increases Prune Imports While Decreasing Exports

Morocco’s import of dried prunes through the first eight months of 2023 increased spectacularly in jumping from 250 tons in 2022—valued at nearly one million dollars--to 1,700 tons in 2023, worth more than 5 million USD. At the same time exports of the same product decreased from 2,000 tons in 2016 to less than 200 tons in 2023, according to East…

Unemployment Rate in Morocco Soars to 13.5% in Q3 2023, HCP

The unemployment rate has increased from 11.4% to 13.5% between Q3 of 2022 and Q3 of 2023, as the number of unemployed individuals reached 1,625,000. This translates to a one-year increase of 18%, according to Morocco’s Statistics and Forecasts Office (HCP). Upon further analysis, the report showed an uptick in the jobless rate from 15% to 17% in…