Morning Brief January 3rd, 2024

ECONOMIC HEADLINES
| MOROCCO | SURVEY | The production capacity utilization rate stable at 76% in November 2023
The results of Bank Al-Maghrib's monthly economic survey show an improvement in production and sales during the month of November 2023. In this context, the production capacity utilization rate remained stable at 76%. Likewise, orders would have in-creased during the same period. Nevertheless, order books would have remained at a lower level than normal.

| MOROCCO | INFLATION | An inflation rate of 2.3% in November 2023
According to the Central Bank of West African States (BCEAO), inflation within the union stood at 2.3% in November 2023, y-o-y. This is mainly fueled by the rise in prices of food and non-alcoholic beverages and transport services.

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