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North Africa News August 2022


EGYPT – Suez Canal in Egypt records its highest revenue in history during the 2021-2022 fiscal year
The Egyptian Suez Canal achieved its highest annual revenue ever at USD 7.0 bn during the 2021-2022 fiscal year (between July 2021 and June 2022). The revenue represents a 20.7% annual increase compared to the USD 5.8 bn recorded in the 2020-2021 fiscal year. The record revenue is mainly attributed to the increase in the number and tonnage of ships transiting through the canal during the 2021-2022 fiscal year. The number of ships transiting through the canal reached 22,032 ships – an annual increase of 15.7%, while the total net tonnage crossing the canal exceeded 1.32 billion tonnes – an annual increase of 10.9%.
July 4, 2022

EGYPT – Emirati Oil Company ADNOC to acquire 50% of TotalEnergies Egypt
The Abu Dhabi National Oil Company (ADNOC) has entered into an agreement to acquire a 50% stake in TotalEnergies Egypt. The value of the purchase is approximately USD 186 mn, in addition to an additional amount of up to USD 17.3 mn if certain conditions are met during the acquisition process. The acquisition is expected to be completed during the first quarter of 2023.
July 28, 2022

MOROCCO – Polish dairy company Polmlek becomes a majority shareholder in Morocco’s Safilait
Polish dairy company Polmlek Group has signed an agreement to acquire a 70% stake in Safilait, a subsidiary of Moroccan dairy company Bel Group. The deal concerns a factory and a farm operated by Safilait in the Beni Mellal region, central Morocco. Safilait is known in Morocco for its brand “Jibal.” Its products include milk and various types of yogurts. The acquisition is set to be finalized during the second half of 2022. The value of the deal is yet to be disclosed.
July 14, 2022

TUNISIA – Tunisian government sets a limit for profit margins on basic goods
Tunisia’s Ministry of Trade has decided to set a legal limit for profit margins on several consumer goods in order to support the purchasing power of the Tunisian population. The concerned products include mineral water, soft drinks, vegetal oils, canned goods, and hygiene products. The maximal profit margin allowed on these types of products was set to between 8% and 14%.
July 12, 2022

TUNISIA – Tunisia attracted 2.63 million foreign visitors in the first seven months of 2022
The number of foreign tourists who visited Tunisia in the first seven months of 2022 has reached 2.63 million, marking an annual increase of 113%. The figure, however, is still 42% lower than the number recorded in the same period in 2019, before the COVID-19 pandemic. In terms of revenue, Tunisia’s tourism sector has generated TND 1.58 bn (EUR 489.1 mn) in the first seven months of 2022 – 58% more than the previous year, but 31% less than 2019.
July 31, 2022

ALGERIA – Algeria signs a four-billion-dollar oil supply deal with three global companies
Algeria’s national oil and gas company Sonatrach has signed an oil supply deal worth USD 4.0 bn with Eni (Italy), TotalEnergies (France), and Occidental Petroleum (US).  According to the agreement, Sonatrach will supply up to one billion barrels of oil to the three companies, over a period of 25 years.
July 19, 2022

ALGERIA – Algeria launches a new maritime route with Senegal
Algeria has launched a new cargo maritime route with Senegal. The new route runs between the Port of Djen Djen, in northeastern Algeria, and the Port of Dakar, Senegal. Algerian maritime transport company GATMA is operating the new route using a freight ship with a total cargo capacity of over 8,200 tonnes. The ship will make a round trip between Algeria and Senegal every month.
Aug. 1, 2022

ALGERIA – Algeria to boost oil production by 2,000 barrels per day in September
Algeria is set to increase its oil production by 2,000 barrels per day in September, reaching a total production of 1.057 million barrels daily. The increase is in line with the decision of the Organization of Petroleum Exporting Countries (OPEC) and its allies to boost global oil production by 100,000 barrels per day in September.
Aug. 3, 2022



EGYPT – Egyptian authorities implement precautionary measures against monkeypox in airports
Egyptian authorities have announced taking new intensive precautionary measures in international airports to limit the spread of monkeypox. The measures include measuring incoming travelers’ temperatures and making them fill out medical examination forms. Any suspected cases will be isolated at the airport and then transferred to a hospital if needed. The decision to implement the new measures came after the World Health Organization declared a state of emergency due to the increase in monkeypox infections worldwide.
July 25, 2022

MOROCCO – King Mohammed VI invites Algeria to resume relations on Throne Day speech
King Mohammed VI of Morocco invited Algeria to resume normal bilateral relations during his 23rd Throne Day speech. “I look forward to cooperating with the Algerian presidency so that Morocco and Algeria may work hand in hand and enjoy normal relations between the two brotherly peoples, who are bound by historical and human ties as well as a common destiny,” the Monarch said. Diplomatic relations between Morocco and Algeria have been officially suspended by Algerian authorities since August 2021.
July 30, 2022

TUNISIA – Tunisians vote ‘Yes’ in the referendum on the new constitution
The Tunisian population has voted in favor of the new constitution proposed by President Kais Saied. According to Tunisia’s Independent Higher Authority for Elections (ISIE), 94.6% of the votes were in favor of the new constitution. The number of votes reached more than 2.63 million, which represents around 30.5% of the citizens registered to take part in the referendum (9.28 million). The ISIE confirmed the results of the referendum one week after it took place, despite receiving protests from several political parties. Many other parties have completely boycotted the referendum.
July 25, 2022

TUNISIA, ALGERIA – Tunisia and Algeria fully reopen their land border for passengers
Tunisian President Kais Saied and his Algerian counterpart Abdelmadjid Tebboune have decided to fully reopen the land border between their countries for passengers and tourists. Prior to the decision, the land border between Tunisia and Algeria was only open for the transportation of goods. Passengers were unable to travel between Algeria and Tunisia by land since March 2020.
July 15, 2022

ALGERIA – Algerian President appoints a new Minister of Finance
Algerian President Abdelmadjid Tebboune has appointed Brahim Djamel Kassali as the new Minister of Finance of Algeria. The new minister was previously the secretary-general of the same ministry. The new appointment came one month after President Tebboune dismissed the former Minister of Finance, Abderrahmane Raouya. The Algerian Presidency did not disclose the reason behind the dismissal.
July 14, 2022

ALGERIA – Algeria decides to resume trade with Spain
Algerian authorities have decided to end the ban on commercial trade with Spain and resume economic cooperation with the European country. Algeria suspended its cooperation ties with Spain on June 8, 2022, in response to the new Spanish position on the Western Sahara dispute in favor of Morocco. The decision to resume trade with Spain came less than two months after the suspension.
July 28, 2022



EGYPT – Egyptian economy records a 6.2% growth rate in the 2021-2022 fiscal year
The Egyptian economy grew 6.2% in the 2021-2022 fiscal year, according to Egypt’s Minister of Planning and Economic Development. Egypt recorded strong economic activity in the first three quarters of the fiscal year, recording growth rates of 9.8% in the first quarter, 8.3% in the second quarter, and 5.4% in the third quarter. The Egyptian economy’s growth slowed down in the fourth quarter, mainly due to the repercussions of the Russia-Ukraine war.
July 6, 2022

EGYPT – FDIs in Egypt record a 183% annual increase in the first quarter of 2022
Net foreign direct investments (FDIs) in Egypt reached a total value of USD 4.1 bn in the first quarter of 2022, marking an annual increase of 183% in comparison to the same period in 2021. The figure represents the highest quarterly value of FDIs since the first quarter of 2018. In the first nine months of the 2021-2022 fiscal year, between July 2021 and March 2022, FDIs in Egypt reached a total value of USD 7.3 bn. The figure is 53% higher than the value recorded in the first nine months of the 2020-2021 fiscal year.
Aug. 1, 2022

MOROCCO – Moody’s upgrades its outlook on Morocco to ‘stable’ and affirms its ‘Ba1’ rating
Credit rating agency Moody’s has changed its outlook on Morocco from “negative” to “stable” and affirmed its long-term issuer and senior unsecured ratings at “Ba1.” According to Moody’s, the outlook change reflects the recovery of Morocco’s GDP to pre-pandemic levels and the capacity of the Moroccan government to manage crises. Meanwhile, the affirmation of the “Ba1” rating reflects Morocco’s economic resilience and the build-up of significant foreign exchange reserves covering over six months of imports.
July 1, 2022

MOROCCO – Moroccan economy records a 0.9% growth in the second quarter of 2022
The Moroccan economy grew by 0.9% in the second quarter of 2022, after a 0.3% growth in the previous quarter, according to Morocco’s High Commission for Planning (HCP). The growth is attributed to a 3.6% increase in non-agricultural activity. Agricultural activity, meanwhile, remained on a downward trend and recorded a 16.1% annual decline in the second quarter of 2022. The HCP expects Morocco’s economy to record a 0.8% growth in the third quarter of 2022, attributed to a 2.9% increase in non-agricultural activity and a 14.1% regression in the agriculture sector.
July 5, 2022

MOROCCO – Moroccan exports and imports increase in the first half of 2022
The value of Moroccan exports has reached MAD 215.0 bn (EUR 20.5 bn) in the first half of 2022, marking an annual increase of 41.2%. The increase concerns all economic sectors, including phosphates (+84.3%), textile and leather (+32.4%), the automotive sector (+30.1%), and agriculture (+24.8%). Meanwhile, Moroccan imports also increased by 44.2% between the first half of 2021 and the same period in 2022, reaching a total value of MAD 365.5 bn (EUR 34.8 bn). The increased imports mainly concern wheat (+55.2%) and other food products (+43.4%).
Aug. 1, 2022

MOROCCO – FDIs in Morocco witness a 44% annual increase in June 2022
FDIs in Morocco have witnessed an annual increase of 44.3% at the end of June 2022, reaching a total value of MAD 21.5 bn (EUR 2.0 bn). On the other hand, the value of Moroccan direct investments abroad declined by 19.8% between June 2021 and June 2022, standing at MAD 8.6 bn (EUR 818.8 mn).
Aug. 2, 2022

MOROCCO – Morocco’s unemployment rate declines to 11.2% in the second quarter of 2022
Morocco’s unemployment rate stood at 11.2% in the second quarter of 2022, including 15.5% in urban areas and 4.2% in rural areas. The figure represents a decline in comparison with the second quarter of 2021 (12.8%) and with the previous quarter (12.1%). The evolution of Morocco’s unemployment rate is due to the net creation of 133,000 new jobs – 285,000 new jobs created in urban areas and 152,000 jobs lost in rural areas. The sector of services witnessed the creation of the largest number of new jobs, at 237,000 jobs, followed by the industry sector (76,000 jobs), and the construction sector (30,000 jobs). On the other hand, the agriculture, forestry, and fisheries sectors lost 210,000 jobs.
Aug. 3, 2022

TUNISIA – Tunisian exports grow by 24.6% in the first half of 2022
Tunisian exports have increased by 24.6% in the first half of 2022, in comparison with the same period in 2021, reaching a total value of TND 28.4 bn (EUR 8.8 bn). The sectors that witnessed the highest increases in exports are mines and phosphates (+86.6%), energy (+85.6%), agroindustry (+29.0%), textile and leather (+22.7%), and mechanical and electrical industries (+12.7%). Meanwhile, Tunisian imports have also increased by 32.4% in the first half of 2022, standing at a total value of TND 40.2 bn (EUR 12.4 bn). The imports of energy (+85.9%), raw materials (+36.1%), consumer goods (+13.6%), and equipment (+8.9%) witnessed the highest increases. This evolution of Tunisian trade widened the country’s trade deficit, which currently stands at TND 11.8 bn (EUR 3.6 bn).
July 14, 2022

ALGERIA – Algeria’s trade balance becomes positive for the first time since 2015
Algerian exports have increased by 48.3% in the first half of 2022 in comparison with the same period in the previous year, reaching a total value of USD 25.9 bn, including USD 3.51 bn of non-hydrocarbon exports. On the other hand, Algerian imports increased by only 7.4% between the first half of 2021 and 2022, reaching a value of USD 20.2 bn. The figures represent a positive trade balance for Algeria, for the first time since 2015. China remains the main supplier for Algeria, with 16.5% of total Algerian imports, followed by France (7.2%), Brazil (6.5%), Argentina (6.4%), and Italy (5.8%). Meanwhile, Algeria’s main customers are Italy (21.8% of exports), Spain (12.1%), France (9.9%), the Netherlands (7.4%), and the US (5.7%).
July 25, 2022


Key Economic Indicators

north africa economy graph august 2022