Extractive sector, electrical energy, manufacturing activities… Favorable developments noted by the DEPF in the first quarter of 2024

The manufacturing sector continues its favorable momentum in the first quarter. The added value of the sector increased by an average of 2.2% at the end of 2023, after an increase of 0.3% a year earlier.

Conjuncture : The secondary sector showed generally favorable developments for the first three months of the year, driven by the good dynamics of the mining sector, the production of electrical energy and the manufacturing sector.

The resumption of activity in the extractive sector is confirmed. This observation established in the economic report from the Department of Studies and Financial Forecasts (DEPF) is part of the continuation of the improvement observed in this activity in the fourth quarter of the year. The trend noted for the first three months of the current year shows an increase of 16.4% in the value of the sector, after a drop of 15.7% observed a year earlier. “Production of rock phosphate, an important component of the sector, increased by 32.1% in the first quarter of 2024, instead of a drop of 26.4% a year earlier. Also, the production of phosphate derivatives strengthened by 32.2% at the end of March 2024, after a drop of 18.8% at the end of March 2023,” we can read in the DEPF economic report. And to specify that “this dynamism also concerned the exported volumes of raw phosphate and its derivatives which strengthened by 42.8 and 17.6% respectively at the end of the first quarter of 2024”.

It should be noted that the value of shipments of phosphates and derivatives reached 17.6 billion dirhams in the first quarter of the year, down 2.3% due to a price effect. The DEPF also observes a favorable development in activity in the electrical energy sector. There was an increase of 5.7% in the production of electrical energy at the national level for the first quarter of the year. This increase comes after a drop of 2.6% noted a year earlier. “This performance is due to the good performance of private production (+8%) and that of renewable energies relating to law 13-09 (+42.8%), despite a contraction in energy production. ONEE of 9.9%,” comments the DEPF in its publication.

Regarding trade in the electrical energy sector with the outside world, the DEPF notes a decrease of 5.4% in the imported volume, after an increase of 211.7% a year earlier. At the same time, the exported volume consolidated by 74.5% (after -64.2%) and this, in a context of an increase in the volume of net called energy of 4.2% (after +3, 5%). As for the consumption of electrical energy, an increase of 2.7% was observed for the first quarter of 2024, after an increase of 5.4% a year earlier. This development is driven by the increase in sales of low voltage energy by 13.2%, those of medium voltage by 6.7% and those sent to utilities by 3.2%. As for the manufacturing sector, the DEPF estimates that it continues its favorable dynamic in the first quarter. The added value of the sector increased by an average of 2.2% at the end of 2023, after an increase of 0.3% a year earlier. According to the Bank Al-Maghrib economic survey conducted among the manufacturing sector, the activity of this sector would have continued to improve in the first quarter of 2024. “The production capacity utilization rate (TUC) would have reached a new record, i.e. 79.3% in March 2024, after the records recorded last February of 78.9% and in January 2024 of 78.1%, compared to 73.4% in March 2023,” we can read in the DEPF economic report.

At the end of the first quarter of 2024, the TUC would have stood at 78.8%, an increase of 6 points compared to the first quarter of 2023. This performance is due, more particularly, to the strengthening of the TUC at the level of the “mechanical and metallurgical” industries. » (+18.3 points), “chemical and parachemical” (+6 points) and “electrical and electronic” (+5.7 points).
As for trade in the manufacturing sector with the outside world, exports increased in the automotive (+13.1%), aeronautics (+13.7%) and electronics and electricity sectors. (+5%) as well as at the level of the plastic and rubber industry (+14.3%) and the pharmaceutical industry (+3.8%) at the end of the first quarter of 2024. Exports of derivatives of Phosphates, on the other hand, contracted by 1.6% at the end of March 2024, despite the increase in their volume of 17.6%.

-

-

NEXT Jiangxi, the world heart of strategic metals