Rabat, Morocco (TMT)- The Moroccan Minister of Economy and Finance Mohamed Benchaaboune spoke today amid a parliament session in the house of representatives about the economic repercussions the Moroccan economy is going through since the start of the pandemic.
Benchaaboune said that Morocco loses MAD 1 billion per day, further noting that by June 10, the date of the end of the nationwide curfew, Morocco would have lost MAD 80 billion.
Benchaaboune said that since the start of the lockdown, exports dipped by 61.5% while imports dropped by 37.6%.
Benchaaboun affirmed that remittances from Moroccans living abroad decreased by 11% for the first four months of 2020.
Tourism revenues dropped by 60% during the month of April, said Benchaaboun.
Four sectors suffered the most from the reverberations of the lockdown: the automotive sector, the aeronautic industry, the electronics industry, and textile, stressed Benchaaboun.
The automotive sector saw a drop of 96% during April and a 86% decrease during March.
The Aeronautics industry witnessed a 81% dip in April and a 52% plunge in March.
The Electronics sector saw a 93% decline in April and a 51% slump in March.
The textile industry output dropped by 86.5% during the month of April, registering a 40% dip in March.
According to the minister, the two months of confinement cost the Moroccan economy 6 points on the GDP growth scale for 2020.
The Moroccan Times.
