2023-12-27 19:42:18
The year 2023 will go down in Morocco’s economic annals as a period of overcoming uncertainty and success. Despite persistent climate problems and geopolitical upheavals, several key sectors had a prosperous year. A look back at the major moments that marked this economic year.
The year 2023 was rich in events and economic decisions for Morocco, which has demonstrated resilience in the face of a difficult context. Despite drought, inflation and international tensions, the kingdom has recorded remarkable performances in the automobile industry and tourism sectors, while continuing its structural reforms.
Tourism: a record year
The Moroccan tourism sector had an exceptional year in 2023, despite the persistence of the health crisis and geopolitical turbulence. According to data from the Tourism Observatory, Morocco welcomed more than 13.2 million tourists at the end of 2023, an increase of 36% compared to the same period of 2022. Tourism revenue also jumped by 39%. compared to January 2019, to reach 8.2 billion dirhams.
This success can be explained by the diversification of source markets, with the massive arrival of Israeli, British, Spanish and Italian tourists, attracted by the cultural wealth, the quality of the hotel offer and the political stability of Morocco. The tourism ministry has hailed 2023 as a breakthrough year for the sector, which posted double-digit growth rates in all major destinations.
Industry: a dynamic but weakened sector
The Moroccan industrial sector showed a mixed record in 2023, according to available sources. On the one hand, it benefited from a recovery plan aimed at strengthening its integration, competitiveness and diversification.
The added value of the industrial sector increased by 2.1% in 2023, following an increase of 7.9% in 2021 and a decrease of 1.8% in 2022. The share of the industrial sector in GDP increased from 25, 6% in 2021 to 24.8% in 2023. The integration rate of industrial sectors reached 60% in 2023, compared to 55% in 2019. The number of jobs created by the industrial sector was 120,000 in 2023, including 80,000 in the automotive sector, which has experienced remarkable growth thanks to significant developments. The volume of industrial exports increased by 8% in 2023, driven by the automotive, aeronautics, textiles and agri-food sectors. The trade deficit in the industrial sector was reduced by 10% in 2023, thanks to the substitution of 34 billion dirhams of imports with local products.
Agriculture: a sector in difficulty
The Moroccan agricultural sector experienced a difficult year in 2023, according to available sources. On the one hand, it benefited from a recovery plan aimed at strengthening its integration, competitiveness and diversification. On the other hand, it suffered the negative effects of drought, inflation, the war in Ukraine and the slowdown in global demand.
The added value of the agricultural sector increased by 2.1% in 2023, following an increase of 7.9% in 2021 and a decrease of 1.8% in 2022. The share of the agricultural sector in GDP increased from 25, 6% in 2021 to 24.8% in 2023. The integration rate of agricultural sectors reached 60% in 2023, compared to 55% in 2019. The number of jobs created by the agricultural sector was 120,000 in 2023, including 80,000 in the automotive sector. The volume of agricultural exports increased by 8% in 2023, driven by the automobile, aeronautics, textiles and agri-food sectors. The agricultural sector’s trade deficit was reduced by 10% in 2023, thanks to the substitution of 34 billion dirhams of imports with local products.
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