Morocco’s external accounts showed strong performance in several key areas through April and May 2025, with gains in tourism revenues, foreign direct investment (FDI), and a robust travel surplus, according to new data from the Office des Changes.
However, remittances from Moroccans abroad (MRE) posted a modest decline. Outbound travel spending by Moroccans rose by 7.3%, reaching MAD 13.3 billion, up MAD 908 million year-on-year. Despite this increase, the travel balance remained largely positive, with a surplus of MAD 31 billion, representing a 9% improvement over May 2024.
On the inbound side, tourism receipts hit MAD 34.44 billion by end-April, marking a 7.5% annual increase, or an additional MAD 2 billion, confirming the sector’s steady recovery and role as a major foreign currency earner.
In terms of investment, net FDI inflows climbed 41.7%, reaching MAD 14 billion by May. This was supported by a 27% rise in gross FDI inflows to MAD 21 billion, while outflows grew more modestly to MAD 7.7 billion.
Meanwhile, remittances from MREs fell 2.8% to MAD 45 billion, a decline of MAD 1.3 billion from the same period in 2024. Despite the dip, the ministry noted that the overall level of transfers remains historically high, continuing to serve as a pillar of the balance of payments.
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