Morocco witnesses rise in foreign direct investment, remittances
(MENAFN) Official data released by the Moroccan Exchange Office reveals a significant uptick in foreign direct investments (FDI) in Morocco, with a notable increase of 17.5 percent recorded in February 2024 compared to the same period in the previous year. The report indicates that FDI inflows reached 6.5 billion dirhams in February 2024, marking a considerable rise from the 5.5 billion dirhams reported in February 2023. This surge in foreign investments reflects growing confidence in Morocco's economic prospects and highlights the country's appeal as an attractive destination for international capital.
Additionally, the report highlights a modest increase of 1.5 percent in remittances from Moroccan expatriates during February 2024 compared to the corresponding month in the previous year. Remittances totaled approximately 17.7 billion dirhams in February 2024, up from 17.4 billion dirhams in February 2023. This steady flow of remittances underscores the significant role of Moroccan diaspora in supporting the country's economy through financial contributions from abroad.
Moreover, Morocco's economic growth trajectory demonstrates resilience and vigor, with the economy expanding by 4.1 percent in the fourth quarter of 2023, a notable improvement from the 0.7 percent growth recorded in the same period in 2022. Internal demand emerged as a key driver of this growth, underscoring efforts to balance economic expansion with inflation control and national financing requirements.
Further analysis of national economic data for the fourth quarter of 2023 reveals encouraging trends across various sectors. Non-agricultural activities experienced robust growth, increasing by 4.1 percent, while agricultural activities demonstrated even stronger performance, with a growth rate of 5.8 percent. These figures underscore the diversified nature of Morocco's economy and its resilience in the face of domestic and global challenges.
Overall, Morocco's economic landscape appears buoyant, fueled by increased FDI, steady remittance inflows, and robust growth across key sectors. The positive momentum reflects ongoing efforts to enhance economic stability, foster investment, and drive sustainable development initiatives nationwide.
MENAFN04042024000045015682ID1108058137
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.