Morocco’s financial prospects are looking up, thanks to a double boost from tourism revenue and remittances from Moroccans residing abroad (MRE), reports Bank Al-Maghrib.
The bank’s experts are optimistic, predicting that by the close of this year, Morocco’s coffers will be swelled by rising income from both the tourism sector and remittances sent by Moroccans overseas.
Their forecasts point to an impressive total of MAD 233 billion.
Tourism income is anticipated to have a robust year, surging by an impressive 23.4% in 2023, nearing the MAD 115.5 billion mark.
This marks one of the highest levels observed in the past three years. A slight dip is projected for 2024, with a decrease of around 4.9%, bringing the total to MAD 109.9 billion.
These promising forecasts take into account Morocco’s successful summer season in 2023, coupled with the expected impact of hosting major international events in the upcoming months, as highlighted in a statement by the Bank of Morocco.
Predictions indicate that remittances from Moroccans abroad are set to increase by 2.5 % in 2023 and a further 3.6 % in the subsequent year, culminating in a total of MAD 117.5 billion by the end of the current year.
Meanwhile, data from the Office of Foreign Exchange reveals that Moroccans living abroad (MRE) have remitted a substantial sum of MAD 77.92 billion by the close of August 2023.
This reflects a significant increase compared to the MAD 72.7 billion sent during the corresponding period in the previous year, representing a notable annual growth rate of 7.2%.
The tourism sector has also experienced a remarkable upswing, with revenues reaching an impressive MAD 71.36 billion during the first eight months of this year.
This marks a substantial surge compared to the MAD 53.85 billion recorded during the same period in the prior year, translating to an impressive 32.5% increase.
These tourism earnings surpass those seen in 2019, a pivotal year for the sector, when income reached MAD 52.68 billion by the end of August.
Travel-related expenditures have reached MAD 16.52 billion as of August 2023.
Morocco boasts a surplus in its travel balance, totaling MAD 54.84 billion, a significant increase compared to just MAD 42.01 billion during the same period the previous year.
Import figures have shown a decline of 3.9% during the initial eight months of this year, reaching a total of MAD 471.86 billion, in contrast to the MAD 491.24 billion recorded by the end of August 2022.
Exports have experienced a marginal annual uptick of 0.2%, amounting to MAD 280.01 billion in comparison to MAD 279.51 billion in the previous year.