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COVID-Driven Unemployment in Morocco

Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
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COVID-Driven Unemployment in Morocco

Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal
Employees work on a Moroccan ventilator at a factory in Casablanca following an outbreak of the coronavirus disease (COVID-19), in Casablanca, Morocco April 10, 2020. REUTERS/Youssef Boudlal

The Moroccan Minister of Economy, Finance, and Administration Reform, Mohamed Benchaaboun, said Monday that the implementation of the 2020 finance bill has shown a MAD13.8 billion (USD1.38 billion) decline in revenues by the end of August, compared to the same period in 2019.

The minister estimated that the year 2021 would see a drop of MAD20 to MAD25 billion (USD2 to USD2.5 billion) in tax revenues compared to 2019.

He noted that the novel coronavirus pandemic increased the unemployment rate, expecting it to reach 13 percent in 2020 compared to 9.2 percent in 2019.

This is a result of forecasts that the gross domestic product will drop by 5 percent, and 227,000 jobs will be lost in the non-farm sector in addition to 78,000 jobs in the farm sector.

Further, Morocco had lost 589,000 jobs between the second two quarters of 2019 and 2020.

During the second quarter of 2020, the unemployment rate hiked by 4.2 percent reaching 15,6 percent in urban environments. Youths of ages ranging from 24 to 34 saw the highest rate of unemployment up to 22.6 percent.

In rural areas, unemployment rose to 7.2 percent.

The minister revealed that the financial bill would focus on social sectors, while creating 1,500 job opportunities in the health sector and 2,000 in the education sector.

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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
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Saudi Non-Oil Exports Hit Two-Year High

The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)
The King Abdulaziz Port in Dammam, eastern Saudi Arabia. (“Mawani” port authority)

Saudi Arabia’s non-oil exports soared to a two-year high in May, reaching SAR 28.89 billion (USD 7.70 billion), marking an 8.2% year-on-year increase compared to May 2023.

On a monthly basis, non-oil exports surged by 26.93% from April.

This growth contributed to Saudi Arabia’s trade surplus, which recorded a year-on-year increase of 12.8%, reaching SAR 34.5 billion (USD 9.1 billion) in May, following 18 months of decline.

The enhancement of the non-oil private sector remains a key focus for Saudi Arabia as it continues its efforts to diversify its economy and reduce reliance on oil revenues.

In 2023, non-oil activities in Saudi Arabia contributed 50% to the country’s real GDP, the highest level ever recorded, according to the Ministry of Economy and Planning’s analysis of data from the General Authority for Statistics.

Saudi Finance Minister Mohammed Al-Jadaan emphasized at the “Future Investment Initiative” in October that the Kingdom is now prioritizing the development of the non-oil sector over GDP figures, in line with its Vision 2030 economic diversification plan.

A report by Moody’s highlighted Saudi Arabia’s extensive efforts to transform its economic structure, reduce dependency on oil, and boost non-oil sectors such as industry, tourism, and real estate.

The Saudi General Authority for Statistics’ monthly report on international trade noted a 5.8% growth in merchandise exports in May compared to the same period last year, driven by a 4.9% increase in oil exports, which totaled SAR 75.9 billion in May 2024.

The change reflects movements in global oil prices, while production levels remained steady at under 9 million barrels per day since the OPEC+ alliance began a voluntary reduction in crude supply to maintain prices. Production is set to gradually increase starting in early October.

On a monthly basis, merchandise exports rose by 3.3% from April to May, supported by a 26.9% increase in non-oil exports. This rise was bolstered by a surge in re-exports, which reached SAR 10.2 billion, the highest level for this category since 2017.

The share of oil exports in total exports declined to 72.4% in May from 73% in the same month last year.

Moreover, the value of re-exported goods increased by 33.9% during the same period.