Morocco’s Tourism Sector Flourishes with $4.9 Billion Revenue Surge

Friday 02 August 2024 - 14:33

Forecasts Indicate Continued Growth into the Second Quarter of 2024

Morocco's tourism industry is witnessing a robust upswing, with revenues reaching an impressive MAD 49 billion ($4.9 billion) in the first half of 2024. This figure marks a notable rise from the MAD 47.9 billion ($4.8 billion) recorded in the same period last year, as revealed by the latest data from the Office of Exchange.

The newly released statistics indicate a 2.3% increase in tourism revenue year-over-year. This positive trend is complemented by a significant 13.9% rise in tourist arrivals during the first six months of 2024, with the total number of visitors hitting the 7 million mark.

The increase in tourist numbers is largely driven by a surge in foreign visitors, who made up 54.2% of the total arrivals, reflecting a 16.3% increase compared to the previous year. Meanwhile, the Moroccan diaspora accounted for 45.8% of tourist arrivals, showing an 11.2% rise.

Further insights from the Directorate of Studies and Financial Forecasts (DEPF) highlight a 1.6% overall growth in tourism revenues by the end of May 2024, following a 4.2% decline in the first quarter. The report emphasizes that revenue from tourism saw a 10.6% improvement during the initial two months of the second quarter.

Moreover, overnight stays in classified accommodations saw a substantial 145% increase in the first two months of the second quarter of 2024, building on a 2.9% rise in the first quarter. Over the first five months of the year, overnight stays grew by 8.3%, driven by a 13% boost in non-resident stays.

The Office of Exchange anticipates continued success for Morocco's tourism sector, projecting further acceleration in growth throughout the second quarter of this year. This optimism is supported by the strong performance of various industry indicators, suggesting a bright future for Moroccan tourism.

Morocco's thriving tourism sector is not only a testament to the country's rich cultural heritage and diverse attractions but also reflects effective strategies to attract and accommodate international visitors. As the industry continues to grow, it stands as a vital pillar of Morocco's economy, promising sustained economic benefits and development opportunities.