• After declining to 3.6% in 2018, global growth decelerated sharply to 2.9% in 2019, reflecting a slowdown from 2.2% to 1.7% in advanced countries and from 4.5% in 3.7% in emerging and developing economies.
• Faced with the escalation of trade tensions and the difficulties of certain sectors of the industry, in particular the automotive industry, the growth of world trade slowed significantly in 2019, falling to 0.9% after 3.8% in 2018. This This evolution reflects the deceleration of exports, the pace of which fell from 3.3% to 1.2% for advanced countries and from 4.1% to 0.8% for emerging and developing economies.
• In 2019, the growth of the Moroccan economy decelerated again, falling to 2.5% after 3.1% a year earlier. This change is mainly due to the 5.8% contraction in agricultural value added, under the effect of unfavorable climatic conditions, while that of the non-agricultural sectors has accelerated from 2.9% to 3.8%. .
• The national economy will have created 165,000 jobs, and taking into account a net entry of 135,000 working people into the market, the unemployment rate fell by 0.3 percentage point to 9.2%. • After reaching 1.6% in 2018, inflation, measured by the change in the consumer price index, weakened significantly in 2019 to 0.2%, its lowest level since 19681.
• Budget execution for 2019 resulted in a deficit, excluding privatization, of MAD 47 billion (MMDH), up 12.9% from one year to the next and in excess of 3.6 billion dirhams compared to the target of the finance law.
• The trade deficit recorded in 2019 a worsening of 3.2 billion dirhams to 209.2 billion dirhams, imports having increased by 9.8 billion dirhams against 6.6 billion dirhams for exports. The coverage rate therefore improved by 0.2 percentage point to 57.4%.
• In 2019, the national currency depreciated by 2.4% against the US dollar, covering a bull market effect of 0.8% and a bear basket effect of 3.2%, following the depreciation of the euro by 5.2% against the dollar. Against the euro, it came out in appreciation of 3%.
• Bank lending recorded a marked acceleration in 2019, its pace having increased from 3.2% to 5.3%, bringing its ratio to GDP from 78.5% to 79.7%. This increase reflects an improvement in the growth of loans to the non-financial sector from 3.1% to 5.5% and, to a lesser extent, that of loans to financial companies from 4% to 4.4%.
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