Morocco reaches historic tourism revenues exceeding USD10.5B in 2023
(MENAFN) In a milestone achievement for the nation, Morocco announced on Monday that its tourism sector had achieved unprecedented success in 2023, with revenues exceeding USD10.5 billion – marking the first time in the country's history to surpass this threshold. The Moroccan Ministry of Tourism released a statement highlighting the remarkable growth, attributing it to a record influx of tourists, totaling 14.5 million visitors throughout the year. This surge in tourism activity translated into a significant increase in foreign exchange earnings, reaching a record high of 105 billion dirhams.
Comparing the figures to the previous year, 2022, reveals a notable growth rate of 12 percent in tourism revenues. In 2022, the sector had generated revenues amounting to 91.3 billion dirhams (USD9.3 billion). Minister of Tourism, Fatima Zahraa Amour, emphasized the significance of this achievement, citing the tourism sector's pivotal role as one of the primary contributors to the country's foreign exchange reserves.
Amour outlined that the attainment of this milestone aligns with the strategic objectives outlined in the national roadmap, which aims to further bolster the tourism industry. As part of this roadmap, the goal is set to achieve even higher revenues, targeting 120 billion dirhams (USD12 billion) by the year 2026. Morocco's ambitious plan for the revitalization of its tourism sector also includes aspirations to attract a staggering 26 million tourists annually by the year 2030.
Highlighting the economic significance of tourism, data from the Moroccan Exchange Office reveals that in 2023, tourism emerged as the second-largest source of foreign exchange for the country, following remittances from expatriates abroad, which amounted to approximately USD11.5 billion. This underscores the pivotal role played by the tourism industry in driving economic growth and fostering international engagement for Morocco.
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