Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
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Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer

The unemployment rate in Morocco reached 8.5 percent at the end of June after it was at 9.1 percent last year, Reuters reported, quoting the Kingdom’s High Commission of Planning.

HCP said that the job market was marked by a “further decline” in employment rates in cities, however, rural areas saw a rise of unemployment due to aridity.

“The number of unemployed people has declined from 1.1 million to 1.03 million following a drop of 77,000 in unemployed people,” the HCP said.

The report published on Wednesday showed that Morocco’s national economy created 7,000 job opportunities in the second quarter of 2019 compared to the much higher 117,000 in the same period in 2018.

The unemployed rate in urban areas dropped around 84,000 while it rose approximately 7,000 in rural areas. The unemployment rate in urban areas declined from 13.7 percent to 12.4 percent. , however, it rose in rural areas to 3.3 percent from 3 percent.

The Moroccan economy created during this period 210,000 jobs and lost 203, added the report.

It added that the services sector created 167,000 jobs, while industrial sectors created 43,000 jobs. The construction sector lost 27,000 jobs at the national level due to the continuous real estate crisis, while the agricultural sector lost 176,000 jobs due to aridity.

In the statement, the agency said that 132,000 jobs were gained in cities while only 125,000 were provided in rural areas.



Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova
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Russia's Novak: Oil Market Balanced Thanks to OPEC+

Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024.  REUTERS/Olesya Astakhova
Russia's Deputy Prime Minister Alexander Novak and OPEC Secretary General Haitham Al Ghais attend a news briefing in Moscow, Russia November 22, 2024. REUTERS/Olesya Astakhova

The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting.
OPEC+ countries, which are pumping around half the world's oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting OPEC Secretary General Haitham Al Ghais in Moscow.
"Today, while discussing the situation and forecasts, we assess the current market as balanced. That's thanks primarily to the actions of OPEC+ countries and coordinated actions to comply with the quotas, voluntary commitments of OPEC+ count," Novak said.
The meeting comes as OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies such as Russia, prepares to meet on Dec.1.