Morocco’s Tourism Revenues Drop 69% in Q1 2021

Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
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Morocco’s Tourism Revenues Drop 69% in Q1 2021

Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)
Moroccan tourism sector lost 78% of the number of tourists and 69% of its quarterly revenue due to the coronavirus pandemic. (Reuters)

Morocco’s tourism sector has been “gravely affected” by the coronavirus pandemic, said Minister of Tourism Nadia Fettah Alaoui during a session at the parliament.

Almost 430,000 tourists visited the kingdom by late March, she explained, a 78 percent drop compared to the same period in 2020.

Minister of Solidarity and Social Development Jamila El Moussali said tourism revenues did not exceed 5.3 billion dirhams ($530 million) in Q1 2021, a 69 percent drop from the same period last year.

Air traffic in all Moroccan airports was also affected, recording a 70.16 percent drop compared to 2020 and a 73.9 percent decline compared to 2019.

She expected a similar scenario until 2023, with full recovery anticipated the year after.

As for the national air carrier, Royal Air Maroc (RAM), Alaoui said most of its flights have been suspended.

Alaoui pointed to a stimulus package of up to 2,000 dirhams ($227) to tourism companies, tour guides, and restaurants registered in the National Social Security Fund (CNSS).

She stated that 5,518 companies submitted requests by late April to benefit from the program and pay the salaries of more than 79,000 employees.

The government had earlier approved a 2020/2022 program, which according to Alaoui, aims to preserve jobs and improve the tourism sector.

While the government is preparing to lift health restrictions, the minister said a program has been set to support small and medium tourism enterprises and to encourage domestic tourism.

The ministry is currently working on in-depth studies on foreign and domestic markets, as well as promotional campaigns, in preparation for the revival of the tourism season, Alaoui explained.



EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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EUROPE GAS-Prices Continue to Decline

Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
Model of natural gas pipeline and Gazprom logo, July 18, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Dutch and British wholesale gas prices continued to declined on Tuesday morning on milder weather forecasts for next week, high wind speeds and stable supply.

The benchmark front-month contract at the Dutch TTF hub was down 0.61 euros at 46.65 euros per megawatt hour (MWh) at 0947 GMT, according to LSEG data.

The contract for March was down 0.52 euro at 46.63 euros/MWh.

In Britain, the front-month contract fell by 2.04 pence to 116.76 pence per therm.

In north-west Europe, although another cold snap is forecast from Friday over the weekend, the latest forecasts are showing milder temperatures than yesterday from Jan. 15, according to LSEG data, Reuters reported.

Wind speeds are expected to remain quite strong today, limiting gas demand.

However, in north-west Europe, gas-for-power demand is expected 36 million cubic metres (mcm) per day higher at 78 mcm/day on the day-ahead.

"Wind speeds are expected still high today, before dropping sharply tomorrow with the cold spell arriving," said LSEG gas analyst Saku Jussila.

In Britain, Peak wind generation is forecast at around 15.1 gigawatts (GW) today and 14.7 GW tomorrow, Elexon data showed.

Analysts at Engie EnergyScan said EU net storage withdrawals have slowed due to a more comfortable spot balance but the storage gap compared to last year remains high. On 5 January, EU gas stocks were 69.94% full on average, compared to 84.96% last year.

Looking further ahead, analysts at Jefferies expect a tight year for global gas markets due to project delays and higher-than-expected demand.

"European and Asian LNG spot gas prices in 2025 could surpass those of 2024, driven by Europe's increased gas injection needs and the loss of Russian exports outpacing the expected growth in global LNG supply," they said.

"Post 2025, the market is expected to loosen with an additional 175 million tonnes of new supply coming online between 2026 and 2030, primarily from the US and Qatar," they added.

In the European carbon market, the benchmark contract was down 0.91 euro at 73.45 euros a metric ton.