The growth rate of the financial debt of non-financial companies recovered at the end of 2019 to 4%, to reach 790 billion dirhams (billion dirhams), after a slowdown to 1.8% in 2018, according to the annual report on financial stability 2019.
This recovery is mainly attributable to the acceleration of the debt of private non-financial companies from 5.2% at the end of 2019 against 1.5% a year earlier, says Bank Al-Maghrib (BAM) in its report on financial stability, published jointly with the Insurance and Social Security Control Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).
Relative to GDP, the financial debt of non-financial companies stood at 69.3% in 2019 against 68.6% a year earlier, underlines the same source, noting that the financial debt of private companies has increased to represent 45.1% of GDP at the end of 2019 against 44.2% a year earlier.
The recovery in the financial indebtedness of private non-financial companies is driven mainly by the appreciation of their bank debt, representing their main source of financing (89%), which increased by 6% after a slowdown of 0.8% a year ago.
On the other hand, these companies saw their market debt fall by 7.5% to stand at nearly MAD 25 billion, while their external debt decelerated to 4.4% after 15.8% in 2018.
By category, the report specifies that the bank indebtedness of non-financial companies has been oriented primarily towards financing the acquisition of capital goods, at around 51%, followed by cash loans with a share of 37%. %, while loans to property development represented nearly 12%.
For its part, the indebtedness of public nonfinancial enterprises continued to decelerate, its increase coming back to 1.9%, after 2.3% in 2018 and 6.2% in 2017, according to the report, noting that this deceleration is being driven mainly by a decline of 1.1% of their foreign debt, after a drop of 0.8% a year earlier.
LNT with BAM and ACAPS
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