Morocco's economy has seen a notable increase in foreign direct investment (FDI) and transfers from Moroccans residing abroad (MRE) through September. The net flow of FDI reached 35.24 billion dirhams (MMDH), marking a 58.4% increase from the same period last year. This growth is attributed to a 21.8% rise in investment receipts, totaling 53.44 MMDH, and a 15.9% decrease in expenditures to nearly 18.2 MMDH.
Transfers from MREs have also shown significant growth, reaching over 103 billion dirhams (MMDH) in the first nine months of 2023, up from 92.62 MMDH in the same period last year. This represents an 11.3% increase. The sustained growth in MRE transfers is a vital component of Morocco's external financial flows, contributing to the country's economic stability.
The Office des Changes, Morocco's foreign exchange office, released a bulletin detailing the country's external trade indicators. The bulletin highlighted a positive balance in the "Travel" category, amounting to nearly 88.3 MMDH, which is a 13.4% increase. This positive balance is the result of a 12.1% growth in travel receipts, totaling approximately 115.26 MMDH, outpacing a 8% increase in travel expenditures to 26.96 MMDH.
The growth in FDI and MRE transfers underscores the resilience of Morocco's economy. The net flow of Moroccan direct investments abroad (IDME) was approximately 6.2 MMDH, up by 3.9 MMDH. IDME expenditures rose by 43% to over 19.13 MMDH, while receipts from these investments increased by 16.5% to nearly 13 MMDH.
Economic analysts view these trends as indicative of Morocco's ongoing efforts to bolster its economic fundamentals. The increase in FDI is seen as a vote of confidence by international investors in Morocco's economic prospects. Meanwhile, the steady growth in MRE transfers highlights the significant role that the diaspora plays in supporting the country's economy.
The La Vie Éco report, citing data from the Office des Changes, underscores the importance of these financial flows for Morocco. The report also notes that these trends are part of a broader context of economic reforms aimed at enhancing Morocco's competitiveness and attractiveness to foreign investors.
Looking ahead, Morocco's economic growth is expected to be influenced by various factors, including global economic trends and the implementation of domestic economic policies. The sustained growth in FDI and MRE transfers will likely continue to play a crucial role in supporting the country's economic development.
Key points
- Morocco's foreign direct investment grew by 58.4% to 35.24 billion dirhams through September.
- Transfers from Moroccans living abroad increased by 11.3% to over 103 billion dirhams.
- The positive balance in the "Travel" category rose by 13.4% to nearly 88.3 billion dirhams.
