Remittances from Morocco’s diaspora are set to reach MAD 105.8 billion ($10.1 billion) in the year 2022.
New data from Morocco’s central bank, Bank Al-Maghrib predict that Moroccan remittances will increase by 12.9% by the end of this year.
“Transfers from Moroccans living abroad would increase by 12.9% to 105.8 billion dirhams in 2022,” the bank said. The remittances will, however, decline by 4% to MAD 101.5 billion ($9.69 billion) due to the economic crisis in their residing countries.
In 2024, remittances are expected to reach MAD 104 billion, or $9.93 billion. As for Morocco’s account deficit, it would widen from 2.3% of gross domestic products in 2021 to 3.3% in 222. The deficit will then ease to reach 2.1% in 2023 and 1.9% in 2024.
Trade reached a “strong momentum” in 2022, the bank said, attributing the development to 32.3% in exports. The export improvement is driven by phosphate sales and derivatives price increases as well as the automotive sector.
Meanwhile, imports would increase by 38.4% in 2022 due to energy bills and purchases of semi-finished products, and wheat supplies. Imports would fall by 3% in 2022 due to the 13% drop in energy bills and 41.2% in wheat supplies. Imports will then increase by 1.1% in 2024.
For the tourism sector, travel revenues are on track to reach a record jump of MAD 88.8 billion ($8.479 billion) by the end of 2022 fromMAD 34.3 billion ($3.27 billion) in 2021.
Travel revenues would experience stagnation in 2024 then an improvement of 5.5% to reach MAD 94.1 billion ($8.98 billion) in 2024.
SOURCE: Morocco news
