Morning Brief January 15th, 2024

ECONOMIC HEADLINES
| MOROCCO | OFFICIAL RESERVE ASSETS | An increase of 6% in 2023
As of December 29th 2023, Official Reserve Assets reached MAD 358.9 Bn displaying an increase of 6.3% year-on-year. Compared to the previous week, these remained almost stable (+0,1%).

| TUNISIA | FOREIGN TRADE | Reduction in the trade deficit in 2023
In 2023, Tunisia's exports rose by 7.9% to TND 62,077.3 Mn. Meanwhile, imports fell by 4.4% to TND 79,146.3 Mn over the same period. Thus, the trade deficit narrowed by 32.4% to TND -17,069.0 Mn. This corresponds to a coverage rate of 78.4%, improving by 8.9 pts compared with 2022.

| TOGO | INFLATION | An inflation rate of 3.5% in December 2023
According to the National Institute of Statistics and Economic and Demographic Studies (INSEED), Togo's National Harmonized Consumer Prices Index increased by 0.7% in December 2023 compared to the previous month. On an annual basis, the inflation rate stands at 3.5%

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