The Recovery of the Moroccan Manufacturing Activity Continues
According to the High Commission for Planning, the production index of manufacturing industries excluding oil refining recorded an increase of 5.1% in the fourth quarter of 2021. On the other hand, several industries saw the volume of their manufacturing output decline in Q4 2021. These include the “chemical industry” whose production index recorded a decline of 2.3%.
Manufacturing output in Morocco in the fourth quarter of 2021, in terms of quantities produced. According to the High Commission for Planning, the increase is 5.1% compared to the same period in 2020, after a succession of increases observed throughout the year, with +0.9% in the first quarter, +19.9% in Q2, and +3.3% in Q3.
This increase of 5.1% results, in particular, from the increase in quantities produced by the “food industries” (+11.2%), the “manufacture of metal products” (+51.5%), “the automotive industry” (+7.5%), “clothing industry” (+9.2%), “wood industry” (+21.3%), “rubber and plastic products” (+8.1%), “textiles” (+5.2%), “printing” (+6.7%), “paper and cardboard” (+6.6%) and finally the “metallurgy” (+0.5%). As for the index of electrical energy production, it recorded an increase of 7.2%.
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Industries that ended the year 2021 on a downturn
On the other hand, several industries saw the volume of their manufacturing output decline in Q4 2021. These include the “chemical industry” whose production index recorded a decline of 2.3%, the “electronics industry” (-19.3%), the “manufacture of beverages” (-4.5%), “pharmaceutical industry” (-0.6%) and “manufacture of machinery and equipment”, (-2.3%). For these industries, the decline in exports and stagnation of local sales are the reasons cited for the decline in the index of manufacturing production at the end of 2021.
In addition to these factors, the lack of availability of electronic components, particularly in the electronics industry and in the manufacture of machinery and equipment, should be added. As a result, orders would have fallen back, with the backlog at a lower-than-normal level. In addition, the index of production of mining and quarrying recorded a decline of 1.9%, resulting from the combination of the production indices of “miscellaneous mining and quarrying products” (-2.1%) and “metal ores” (+0.9%).
The scope of this HCP information note
To understand the scope of this information note of the High Commission for Planning (HCP), it should be borne in mind that the development of this index is based on changes that affect both the population of production companies as their production structure and the nature of their value-added.
As such, it provides essential information for monitoring the business cycle in Morocco and identifying turning points in the economic cycle at an early stage, in parallel or in association with other major macro-economic indicators, such as employment, price indices, production indices in services, or foreign trade. The production indices of the above-mentioned sectors have thus recorded, in 2021, an annual increase of 6.7% for the manufacturing industry excluding oil refining, +6.6% for electrical energy, and +2.1% for mining.
(Featured image by jotole via Pixabay)
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First published in LesEco.ma, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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