Rabat – New data from the Moroccan Exchange Office show that the diaspora continues to considerably contribute to Morocco’s economy through large remittances.
The statistics outlining the performance as of February of this year show that the Moroccan diaspora sent back home MAD 17.86 billion ($1.85 billion).
The number shows a slight decrease of 0.9% as remittances stood at MAD 18 billion during the same period last year.
Remittances from the diaspora reached over $11.7 billion last year, representing an increase of 2.1% compared to 2023, where those money transfers accounted for over 8 % of the country’s GDP.
In 2024, the Migration and Development Brief from the World Bank showed Morocco maintaining its position as the second-largest remittance recipient in the MENA region.
It further focused on how remittances to Morocco increased by 5.2% to $11.8 billion in 2023.
The Moroccan diaspora residing abroad is estimated at over 5 million. Rance is reportedly the country with the largest community of Moroccans. Converging reports indicate that over one million Moroccans reside in the European country.
Spain is also one of the countries with a considerable community of Moroccans.
Recent data from the Bank of Spain, compiled by Spanish news outlet The Objective, suggests that remittances from Spain to Morocco nearly doubled over the past decade.
This makes Morocco the second-largest recipient of money transfers from the European country.
According to The Objective, remittances to Morocco reached €1.375 billion, representing 13.1% of total remittances from Spain and 0.09% of Spanish GDP.
