Morocco’s financial system demonstrated continued resilience and strengthened structural foundations in 2024, despite ongoing global uncertainty and domestic climatic challenges, according to the 12th edition of the annual Financial Stability Report released jointly by Bank Al-Maghrib, the Insurance and Social Welfare Supervisory Authority, and the Moroccan Capital Markets Authority .
The report indicates that the total assets of the national financial sector reached 3.441 trillion dirhams in 2024, marking a 9.8 percent year-on-year increase and representing 216 percent of Morocco’s GDP. Banks continued to dominate the sector, holding 61 percent of total financial assets.
Despite this growth, the sector’s share of total stock market capitalization dipped slightly to 39.86 percent in 2024 from 40.58 percent the previous year. This share is concentrated in seven banks, five insurance firms, and four finance companies.
The banking sector maintained solid fundamentals, with robust indicators for profitability, liquidity, and capital adequacy, even under difficult macroeconomic conditions. Stress tests conducted on major banks using end-2024 data confirmed this resilience.
The report notes that Morocco’s economy remained adaptable in the face of geopolitical tension and recurring global shocks.
In 2024, Morocco’s economy grew by 3.8 percent, driven by a recovery in non-agricultural activities, while the agricultural sector continued to struggle with unfavorable weather. Growth is projected to rise to 4.6 percent in 2025 before moderating to 4.4 percent in 2026. Inflation, which slowed to 0.9 percent in 2024, is expected to reach 1 percent in 2025 and 1.8 percent in 2026.
On the external front, the report highlights a persistent trade deficit, though partially offset by strong tourism revenues and remittances from Moroccans abroad. The current account deficit was contained at 1.2 percent of GDP.
Foreign direct investment surged to 43.8 billion dirhams by the end of 2024.
Public finances showed notable improvement, with the fiscal deficit narrowing to 3.9 percent of GDP in 2024, down from 4.4 percent in 2023, thanks to stronger tax and non-tax revenues and reduced subsidy expenditures. Treasury debt declined to 67.7 percent of GDP, with forecasts suggesting a further decrease to 67 percent in 2025 and 65.6 percent in 2026.
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