Morning Brief september 19th 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | AGMA | NIGS up 13% in H1 2023

ECONOMIC HEADLINES
| MOROCCO | PUBLIC FINANCE | Figures at the end of August 2023
At the end of August 2023, Treasury ordinary revenue increased by 5.3% to MAD 203.5 Bn. This trend reflects the increase of 4.2% in tax revenue to MAD 174.5 Bn and 12.1% in non-tax revenue to MAD 26.3 Bn.
Meanwhile, overall expenses reached 245.1 Bn, up 9.6%, taking into account a 1.6% increase in ordinary expenses to MAD 195.8 Bn and a 25.4% increase in CAPEX to MAD 59.2 Bn. Note that the subsidies expenses settled at MAD 19.7 Bn during the same pe-riod, down 31.2%.

| CÔTE D’IVOIRE | GDP | A growth rate of 6.8% in Q1 2023
According to the National Institute of Statistics of Côte d'Ivoire, the growth rate of the Ivorian economy stood at 6.8% y-o-y in Q1 2023. This results from the increase in the activities of the three sectors of the economy: primary (+1.4%), secondary (+6.8%) and tertiary (+8.7%).

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