Morning Brief july 10th, 2023

ECONOMIC HEADLINES
| MOROCCO | OFFICIAL RESERVE ASSETS | An increase of 5% y-o-y in H1-23
At the end of June 2023, the Official Reserve Assets (ORA) amounted to MAD 344,8 Bn. These recorded an increase of 5.3% year-on-year.

| MOROCCO | PVC IMPORTATIONS | Extension of anti-dumping duty
Following its investigation, the Department of Commerce has concluded that imports coming from the EU and the United King-dom are subject to continued dumping. To this end, the Ministry has decided to extend the anti-dumping duties with a review of their levels. Note that the dumping margin calculated is 8.17% for the EU and 43.15% for the UK.

| MOROCCO | GROUPE RENAULT | A market share of 16,6% in H1-23
Renault brand in Morocco sold 13,488 units on the market at the end of June 2023. This is a market share of 16.6%, up +1.1 points compared to the first half of 2022.

| MOROCCO | BAM SURVEY | Positive expectations of business leaders
According to Bank Al-Maghrib's monthly business survey, manufacturers expect an improvement in production and sales for the months of July and August 2023.

| BENIN | GDP | A growth rate of 6.2% in Q1-23
According to the National Institute of Statistics and Demography of Benin (INStaD), the growth rate of the Beninese economy reached 6.2% in Q1 2023. This was driven by the 4.8% increase in the primary sector’s added value and 6.6% in that of the secon-dary and tertiary sectors.

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