Around 34% of Moroccan business proprietors anticipate a positive shift in market conditions within the next three months, as indicated by a recent monthly survey conducted by Bank Al-Maghrib, the country's central bank.
The survey, carried out in November, reveals that industrialists across various sectors are optimistic about improvements in production and sales, with the exception of the 'agro-food' industry, where a decline in production and stagnant sales are expected.
A quarter of surveyed businesses foresee production stagnation, and nearly a third expect sales to plateau in the coming months. Despite this caution, one in five companies expresses uncertainty regarding future growth prospects. The prevailing optimism seems to stem from improved operations over the past three months, with approximately 46% of businesses reporting robust sales growth. Concurrently, 35% noted sales stagnation, and 19% reported a decline in sales.
Bank Al-Maghrib's analysis of the survey results highlights that the Capacity Utilization Rate (CUR) has stabilized at 76%. National production has experienced an overall upswing, notably driven by growth in the "chemical and para-chemical" and "mechanical and metallurgical" sectors. However, certain industries such as textile and leather, and agro-food, have faced production stagnation, while the electrical and electronics sector has witnessed a decline.
In November 2023, the agri-food sector in Morocco saw stagnant production, with a Capacity Utilization Rate (TUC) at 67%, marking the lowest rate across sectors. Local market sales declined, although foreign shipments saw an increase. Orders within the sector decreased, leading to a backlog below typical level. Business owners in the agri-food industry anticipate further production dips and a sales plateau in the upcoming three months.
