Morocco will continue its economic growth until the end of the year, according to S&P Global

The American agency S&P Global was the last to confirm this. In its latest file, the agency notes that the North African country’s good performance is due to important sectors such as tourism, phosphates, the automobile industry and aerospace. Morocco is implementing positive economic reforms that could foster more inclusive and resilient growth in the African country. Investment-friendly actions include prioritizing the strengthening of the water and energy sectors.

Morocco’s Ministry of Tourism has praised the good performance of the country’s hospitality industry after a positive assessment, with record numbers of tourists, investments and employment data. In August, the Ministry of Tourism announced that Morocco’s tourism revenue had exceeded $7.83 billion, an increase of 16% from the previous year. Given these figures, the ministry issued a statement expecting the trend to continue. Moroccan fertilizer giant OCP Group also performed well, with revenues of $4.35 billion in June. The same goes for the aviation sector, which is growing rapidly, making the country an important global aviation hub. In particular, it is the sector that recorded the highest percentage of growth, i.e. 20%, reaching exports of 4.5 billion dollars and a portfolio of 40,000 employees

Tanger Med also recorded a net profit of 82 million dollars in the first half of 2024. The Tanger Med Port Authority (APTM) reported a 4% increase in net revenue compared to the previous year and an increase of 13.9 % of the volume of goods and a turnover of 203 million dollars, an increase of 12% compared to the 180 million invoiced in the same period of 2023. In the automotive sector, the Moroccan government will double the area allocated to the automotive industry in the free zone of Tangier Automotive City, from 517 to 1,185 hectares, in order to adapt to the increased demand for space from international companies. According to the report, the country’s economic growth is expected to be broad-based across all sectors and reach an average of 3.6% between 2024 and 2027, representing a significant improvement from the 1.5% recorded in 2020 and 2023.