Morocco's Economic Growth Expected to Slow Down in Q1 2019

People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
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Morocco's Economic Growth Expected to Slow Down in Q1 2019

People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)
People shop in a photo illustration at vegetable market in Casablanca, Morocco, June 29, 2017. (File photo: Reuters)

Morocco’s economic growth is expected to record a 2.5 % during Q1 of 2019 compared to 3.3 % in Q1 2018, Morocco's Higher Planning Commission said on Wednesday.

Growth in the Q4 of 2018 was affected by the slowdown in added value, excluding agricultural activity, by 2.6 percent, compared with 3.4 percent during the same period of 2017.

The Commission said on its website that the agricultural sector grew 3.4 percent in Q4 of last year, compared to 4.1 percent during the first three quarters. This slowdown is partly due to the decline in livestock production.

Manufacturing growth in the last quarter of 2018, according to published estimates, also slowed to 2.8 percent from 3.2 percent in the same period a year earlier, as food industries slowed and demand for building materials fell.

However, chemical industry maintained its "dynamism" and grew 6.1 percent, and the added value of the textile and leather sectors increased 5.8 percent with the increase for the external demand for these products.

Mechanical and electronic industries grew 3.6 percent supported by demand from the automotive industry, stated the report.

Morocco's exports in the fourth quarter of 2018 increased 5.1 percent, thanks to higher sales in the aviation and automobile sectors, which contributed 80 percent to the growth rate of exports.

Food, clothing and electronics sectors contributed to a 0.9, 0.6 and 0.5 percent growth, respectively, as external demand for these products increased.

Imports recorded a 5.8 percent rate higher than exports, as the country was affected by the rise in global fuel prices, which contributed 2.2 points to import growth. In contrast, imports of foodstuffs, precisely wheat and sugar, declined during that period.

Industrial investment slowed in Q4, which was reflected on imports of processing materials that only increased 2.1 percent, compared to an 11 percent increase in the previous quarter.

Investment in construction was modest, with weak demand for housing, especially medium and high, stated the report.

For the first quarter of 2019, the Commission said that the expected slowdown will come from a decline in agricultural added value, estimated at 0.7 percent, although livestock production will see some improvement compared to the end of 2018.

“Overall, the non-agriculture added value is expected to record a 2.9 percent increase, according to the annual change.”



Egypt’s Suez Canal Revenues Rise 14% as Red Sea Tensions Ease

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
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Egypt’s Suez Canal Revenues Rise 14% as Red Sea Tensions Ease

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)

Egypt's Suez Canal revenues rose 14.2% year-on-year between July and October, the canal authority said on Tuesday, citing calmer conditions in the Red Sea after a ceasefire in Gaza and a pick up in traffic through the vital waterway.

Yemen's Iran-aligned Houthis launched more than 100 attacks on ships in the Red Sea, the Gulf of Aden and the Bab al-Mandab Strait that links them in 2023 and 2024 in what they described as solidarity with the Palestinians over Israel's war in Gaza, prompting many shippers to switch to alternative routes.

Suez Canal Authority Chairman Osama Rabie said 229 ships returned to transit through the canal in October, the highest monthly figure since the start of the regional crisis, adding that traffic volumes and tonnage had shown a "relative improvement" in recent months.

From July to October, 4,405 vessels carrying 185 million metric tons passed through the canal, compared with 4,332 ships carrying 167.6 million tons in the same period last year, Rabie told Reuters during a meeting with representatives from 20 major shipping lines in Ismailia.

Rabie said the positive atmosphere following last month's Sharm el-Sheikh summit on Gaza's future had encouraged many carriers to resume using the canal.

He invited global shipping companies to conduct trial voyages through the waterway, underscoring Egypt's efforts to restore confidence among maritime operators after months of disruption in the Red Sea and Bab al-Mandab region.

French shipping line CMA CGM has already resumed crossings with two large container vessels, while other operators, including MSC, Ever Green, and Cosco, said they were considering expanding their activity through the canal as conditions stabilise.

The Suez Canal, the fastest sea route between Europe and Asia, remains a key source of hard currency for Egypt, which has faced financial strain amid regional instability and reduced transit traffic earlier this year.


Putin Orders Road Map for Russian Rare Earths Extraction 

Russian President Vladimir Putin listens to Presidential Aide, Special Presidential Representative for Climate Issues Ruslan Edelgeriyev during their meeting at the Kremlin, in Moscow, Russia, Saturday Nov. 1, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
Russian President Vladimir Putin listens to Presidential Aide, Special Presidential Representative for Climate Issues Ruslan Edelgeriyev during their meeting at the Kremlin, in Moscow, Russia, Saturday Nov. 1, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
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Putin Orders Road Map for Russian Rare Earths Extraction 

Russian President Vladimir Putin listens to Presidential Aide, Special Presidential Representative for Climate Issues Ruslan Edelgeriyev during their meeting at the Kremlin, in Moscow, Russia, Saturday Nov. 1, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)
Russian President Vladimir Putin listens to Presidential Aide, Special Presidential Representative for Climate Issues Ruslan Edelgeriyev during their meeting at the Kremlin, in Moscow, Russia, Saturday Nov. 1, 2025. (Alexander Kazakov, Sputnik, Kremlin Pool Photo via AP)

Russian President Vladimir Putin on Tuesday ordered the Russian cabinet to draw up by December 1 a road map for the extraction of rare earth minerals.

In a list of tasks for ministers published on the Kremlin website, Putin also ordered the cabinet to take measures to develop transport links at Russia's borders with China and North Korea.

Rare earths - used in smartphones, electric vehicles and weapons systems - have taken on vital strategic importance in international trade.

In April, US President Donald Trump signed a deal with Ukraine that will give the US preferential access to new Ukrainian minerals deals and fund investment in the country's reconstruction.

Russia says it is also interested in partnering with the US on rare earth projects, but prospects have been held up by a lack of progress towards ending the war in Ukraine.

China, the dominant producer of rare earths, has hit back at US tariffs this year by placing restrictions on their export.

Putin's order - a summary of action points from a Far Eastern Economic Forum he attended in Vladivostok in September - did not go into detail about Russia's rare earths plan.

Among other points, he also instructed the government to develop "multimodal transport and logistics centers" on the Chinese and North Korean borders.

Putin said the locations should include two existing railway bridges linking Russia and China and a planned new bridge to North Korea which he said must be commissioned in 2026.

Both of Russia's far eastern neighbors have deepened economic ties with Moscow since Western countries imposed sanctions on it over its war in Ukraine.


Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
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Türkiye Central Bank’s Total Reserves Fell $1.5 Bln Last Week, Bankers Say 

People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)
People board a ferryboat, Istanbul, Türkiye, Sept. 4, 2025. (AFP)

The Turkish Central Bank's total reserves fell by another $1.5 billion last week, according to bankers' calculations, after having dropped by double-digits in the week of October 24.

According to the calculations, which were based on the central bank's leading indicators, gross reserves fell to $184 billion, while net reserves rose by $1.5-2 billion to stand at $69.5 billion.

The decline in global gold prices caused a drop of $1 billion last week, after having caused a decrease of more than $5 billion the previous week.

Bankers calculated that the central bank, which sold $5.5 billion in foreign currency the previous week, bought $1.5 billion in foreign currency last week. Official data is expected to be announced on Thursday.