Finance Law 2025 – Morocco

L’article Finance Law 2025 – Morocco est apparu en premier sur .

• 275 billion dirhams (~USD 27.2 billion)
• Increased by 6.5% compared to 2023
• The deficit remains structural, although exports continue to grow steadily.

Imports

• Reached 689 billion dirhams, up 5.7%
• Main imported products:
  o Energy (oil and gas)
  o Capital goods (machinery, industrial components)
  o Food products and agricultural raw materials

Exports

•  Totaled 413 billion dirhams, a 5.2% increase
• Key sectors:
  o Automotive: 145 billion MAD (+6.7%)
  o Phosphates and derivatives: 75.2 billion MAD (+9.1%)
  o Aerospace: 26.45 billion MAD (+14.9%)
  o Agri-food: fruits, vegetables, processed seafood

Coverage Rate

• Around 60%, meaning exports cover only part of the import bill.

Observations

• Export growth is solid but not yet sufficient to offset high import volumes, especially in energy and industrial goods.
• Morocco’s industrial policy continues to prioritize strategic sectors like automotive, aerospace, green energy, and phosphate-based fertilizers.

L’article Morocco’s Trade Balance in 2024 est apparu en premier sur .

These data reflect sustained growth in bilateral trade, outperforming the overall performance of Spanish foreign trade, whose exports grew by just 0.7% and imports decreased by 0.4% in the same period. This growth has led Morocco to consolidate its position as the second largest destination for Spanish exports outside the European Union, behind only the United States, and as Spain’s third largest foreign supplier, after the United States and China.

In terms of products traded, Spain’s main exports to Morocco included refined petroleum, internal combustion engines and motor vehicles. On the other hand, Morocco exported to Spain products such as insulated cables, mollusks and non-woven garments.

This strengthening of trade relations is part of a broader collaboration between the two countries, which includes joint participation in strategic projects such as the organization of the 2030 World Cup. During an official visit to Morocco, Spain’s Secretary of State for Trade, Amparo López Senovilla, highlighted the opportunities for Spanish companies in sectors such as infrastructure, digitalization, technology and tourism, in the context of that sporting event.

In summary, 2024 was an outstanding year for the trade balance between Morocco and Spain, characterized by significant growth in the exchange of goods and a diversification of traded products, reflecting the strength and depth of economic relations between the two countries.

L’article MOROCCO-SPAIN TRADE BALANCE 2024 est apparu en premier sur .

The agricultural sector was particularly hard hit, losing 137,000 jobs as a result of the drought that hit the country. This contrasts with the growth in other sectors:

• Services: creation of 160,000 new jobs.
• Industry: 46,000 additional jobs.
• Construction: 13,000 additional jobs.

Unemployment rates vary considerably by demographic group:

• Young people (aged 15-24): 36.7%.
• Graduates: 19.6%.
• Women: 19.4%.

At regional level, unemployment is distributed as follows:

• Casablanca-Settat: 25.4% of the unemployed.
• Fès-Meknès: 13.4%.
• Rabat-Salé-Kénitra: 13%.

These figures reflect the employment challenges facing Morocco, and underline the need for public policies focused on creating job opportunities, particularly for young people and women.

L’article EMPLOYMENT AND UNEMPLOYMENT MOROCCO 2024 est apparu en premier sur .

In the fourth quarter of 2024, the national economy continued its expansion with year-over-year growth of 3%. This increase was driven by a 5.4% rise in domestic demand, which contributed 6.2% to overall economic growth.

The industrial sector, especially the automotive industry, played a crucial role in this growth. Morocco emerged as a significant competitor in the automotive industry, threatening Spanish and European manufacturers. Thanks to its competitive workforce, tax incentives and agreements with companies such as Renault and Stellantis, Morocco’s production and export capacity reached 14.25 billion euros in the last year, with the goal of exceeding 85 billion euros in the next four years. The country currently produces 700,000 vehicles annually and plans to increase this figure to one million, including electric cars.

In addition, Moroccan agricultural production, especially in fruit and vegetables, has surpassed Spanish production and growth. Factors such as cuts in the Tagus-Segura water transfer and EU agreements with Mercosur have favored Morocco, which already plays a key role in supplying tomatoes to Europe and has become the second largest producer of olive oil in Africa.

However, despite these advances, Morocco faces significant challenges. Economic growth is projected to slow to 2.9% due to a weak agricultural season, against a backdrop of several years of severe drought affecting the agricultural sector, which is crucial to the Moroccan economy, accounting for nearly 15% of GDP and employing 45% of the labor force. In addition, the country is facing a growing economic and social crisis that is driving hundreds of young people to try to emigrate to Europe. High unemployment, economic precariousness and growing inequality are contributing factors.

In summary, 2024 was a year of contrasts for Morocco: while certain sectors showed remarkable growth, the country still faces structural challenges that require deep and urgent reforms to ensure sustainable and equitable economic development.

L’article ECONOMIC GROWTH MOROCCO 2024 est apparu en premier sur .

In response to this inflationary slowdown, Morocco’s central bank, Bank al Maghrib, cut interest rates by a quarter point to 2.75% in June 2024. This decision, the first since June 2020, reflects confidence in price stability and post-pandemic economic recovery.

However, the International Monetary Fund (IMF) has urged Morocco to implement additional measures to keep inflation under control and reduce public debt, which reached 69.47% of GDP in 2023. The IMF recommends strengthening fiscal institutions and building reserves to deal with possible future crises.

Despite low overall inflation, certain commodities experienced price increases. For example, the price of tomatoes increased significantly due to factors such as frost that reduced productivity and inefficient market management. This increase generated concern among consumers and put pressure on the local market.

In summary, 2024 was a year of moderate inflation in Morocco, the result of effective monetary policies and a resilient economy. However, challenges such as price increases in specific products and the need for fiscal consolidation require continued attention to ensure long-term economic stability.

L’article INFLATION MOROCCO 2024 est apparu en premier sur .

In December 2024, FIFA officially confirmed that Morocco, Spain and Portugal will jointly host the 2030 FIFA World Cup. This event represents a significant opportunity for infrastructure development and investment attraction in the host countries. Morocco, in particular, is investing in the construction and modernization of stadiums, such as the Hassan II Grand Stadium in Casablanca, which will have a capacity of 115,000 spectators and aims to host the final of the tournament.
2. Approval of the Finance Law 2025 in Morocco

2. The Draft Finance Law (PLF) for 2025 in Morocco

approved by the Governing Council in October 2024, is structured around four key priorities:

1. implementation of the “social state”: this axis focuses on the generalization of social protection, the completion of the direct social aid project, the reform of the health and education systems, support for social dialogue with trade unions, and the reconstruction of areas affected by natural disasters.*
2. Promoting investment and job creation: PLF 2025 seeks to stimulate private investment and support public investment, especially in sectors with a high impact on the labor market, with the objective of generating employment opportunities for young people.
3. Structural reforms: The implementation of reforms in the justice system, advanced regionalization, reform of public establishments and public enterprises, and fiscal reform are envisaged, in order to improve efficiency and governance.
4. Sustainability of public finances: The project proposes measures to ensure financial equilibrium, reduce the budget deficit and create financial margins to face future risks, while maintaining macroeconomic stability.

Among the measures highlighted is the total income tax exemption for retirement pensions and basic annuities as of January 1, 2026, excluding supplementary retirement schemes. In addition, a 50% reduction in income tax is established for pensions and annuities received in 2025.

The PLF 2025 also provides for a significant increase in the defense budget, which amounts to 133 billion dirhams (approximately 12.3 billion euros), representing a 7% increase over the previous year. This investment is mainly earmarked for the acquisition and maintenance of military equipment, as well as the development of the national defense industry.
These initiatives reflect the Moroccan government’s commitment to strengthening the social state, boosting the economy and improving the living conditions of its citizens, while ensuring fiscal sustainability and promoting investment in strategic sectors.

3. Increase in Spanish investment in Morocco
In the first nine months of 2023, Spain made a direct investment of 1,879 million dirhams in Morocco (around 172.43 million euros), an increase of 1.5% on the previous year. This increase reflects the strengthening of economic relations between the two countries and the confidence of Spanish investors in the Moroccan market.

4. Railway infrastructure development in Morocco
In 2024, Spain’s Ineco consolidated Morocco as its main foreign market, winning major contracts for the design of rail infrastructure. These include the preliminary design of the rail service between the towns of Oued Zem and Beni Mellal, as part of the corridor linking Casablanca and Beni Mellal. These projects are part of the Plan Maroc 2040, which aims to develop a dense rail transport network in the country.

5. Growth of Spanish tourism to Morocco
In 2024, Spanish outbound tourism to Morocco experienced double-digit growth, consolidating Morocco as a preferred destination for Spanish travelers. This increase in tourism flow reinforces investment opportunities in tourism and hospitality-related sectors in Morocco.
These developments underscore the economic dynamism and investment opportunities in Morocco, especially for Spanish investors interested in strengthening their presence in the country.

L’article News 2025 est apparu en premier sur .