Foreign direct investment in Morocco down 32.2 pct in first 10 months: report

The foreign direct investment in Morocco declined by 32.2 percent year on year to a total of 1.29 billion U.S. dollars in the first 10 months of 2020, the foreign exchange regulator said in a report on Wednesday.

The North African country’s trade deficit shrank by 22.2 percent to 13.3 billion dollars in the same period.

The report said imports dropped by 16.2 percent to 34.1 billion dollars and exports decreased 11.8 percent to 20.8 billion dollars.

According to the official data, Morocco’s economy is expected to contract by 6.3 percent in 2020 amid the COVID-19 pandemic, while the government debt will soar to 75.3 percent of GDP from 65 percent in 2019.