Morocco’s Remittances from Abroad Expected to Drop 15% in 2022, Central Bank Forecasts

Thus, "remittances from Moroccans living abroad should gradually return to their pre-crisis level, reaching 79.3 billion dirhams in 2022 and 70.8 billion dirhams in 2023...," the central bank’s press release states.

While imports continue to exceed exports, Morocco’s current account deficit is expected to widen to 5.5% of GDP in 2022, compared to 2.6% in 2021, before returning to 3.7% in 2023.

More specifically, imports would increase by 14.9% in 2022, due to the rise in oil and commodity prices. In 2023, the increase would be limited to 1.1%, due in particular to the expected easing of the energy bill.

As for exports, they should improve by 12.5% in 2022 and 3.4% in 2023, driven mainly by the increase in automotive sales and the rise in phosphates and derivatives sales in 2022.