Morocco’s Industrial Index Records Drop of 0.2% in August

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Morocco’s Industrial Index Records Drop of 0.2% in August

Rabat – The producer price index for Morocco’s industrial manufacturing recorded a drop of 0.2% during the month of August compared to July.

The data from the High Commission for Planning (HCP) excludes the petroleum refining sector.

The decline is the result of a 3.5% drop in prices for metallurgy, 0.8% for woodworking and manufacturing of wood and cork products, and 9.2% for the clothing industry.

The drop is also due to a decline of 0.1% in the manufacture of other non-metallic mineral products. The increase of 0.4% in prices in food industries and in the manufacture of electrical equipment also contributes to the figure.

The industrial producer price index for Morocco’s extractive industries sector increased by 0.2% during the month of August.

The decline comes after an increase in Morocco’s industrial sector index in July.

HCP reported an increase of 0.3% during the month of July compared to June.

Last week, Morocco’s Ministry of Industry Moulay Hafid Elalamy announced a recovery plan to save the industrial sector.

The 2021-2023 Industrial Recovery Plan seeks to help Morocco’s industry sectors recover after the COVID-19 pandemic.

One of the three projects under the plan seeks to confirm Morocco’s industrial position at the international level and to “conquer new markets and industrial territories.”

The second project aims to improve Morocco’s competitiveness through strategic industrial projects, while the third project aims to make Morocco a model for the low-carbon industry through mobilizing its renewable energy resources and projects.

Elalamy emphasized that the three axes will significantly improve Moroccan industry over the next three years.

Source: moroccoworldnews.com