Morocco and Tunisia yet to benefit from euro-zone recovery

In spite of their strong trade and financial ties to the euro-zone, Morocco and Tunisia have, so far at least, seen little benefit from the recovery there. Admittedly, inflows of foreign direct investment have risen slightly. However, goods exports are falling in y/y terms, as are remittances from citizens working abroad (mainly in the euro-zone). And while tourist arrivals have increased in Morocco, this probably has more to do with holidaymakers shunning Tunisia and Egypt in light of their recent political upheaval.