Spanish remittances to Morocco have nearly doubled over the past decade, reaching €1.375 billion in 2023, making Morocco the second-largest recipient of Spanish money transfers. This increase correlates with a significant rise in the Moroccan community in Spain and reflects broader remittance trends, including the emergence of digital financial services.
Remittances from Spain to Morocco have seen a dramatic increase, nearly doubling over the last decade, according to recent Bank of Spain data. In 2023, Morocco received €1.375 billion, which is 13.1% of Spain’s total remittances and 0.09% of Spain’s GDP. A decade ago, Morocco’s share was only 7.4% of total remittances and 0.04% of GDP, highlighting significant growth.
The rise in remittances parallels the increase of the Moroccan community in Spain, growing by 200,000 individuals in two years, now constituting over one million residents, the largest foreign population in Spain as reported by the Spanish National Statistics Institute (INE). Colombia remains the top remittance recipient, receiving €1.5 billion, or 14.7% of the total.
Spain’s total remittance outflow in 2023 reached €10.7 billion, accounting for 0.7% of Spanish GDP, indicating a slight increase since the COVID-19 pandemic. Morocco’s dominance in remittances is strengthened; the country’s Exchange Office reported a rise to MAD 117.7 billion ($11.7 billion) in overall remittances from the Moroccan diaspora worldwide by 2024, growing by 2.1% from the previous year.
Morocco is the second-largest recipient of remittances in the MENA region, following Egypt, with foreign direct investments also rising to MAD 17.23 billion ($1.7 billion), a 55.4% increase from last year. The positive trend is visible in 2025 as well, with January remittances totaling MAD 9.45 billion ($950 million), showing slight growth compared to the previous year.
Since 2013, the remittance landscape has changed drastically; Moroccans now outpace Ecuadorians, Bolivians, and Romanians who previously sent more money from Spain. Even before the pandemic in 2019, Ecuadorians were leading in transfers. Other notable shifts include increases from Honduras and Pakistan.
Despite the growth in remittances, the Bank of Spain indicates that Spain’s remittance-to-GDP ratio is below the global average. However, this increase has attracted new financial service providers, with digital platforms emerging to facilitate international transfers from Spain, indicating a shift in the financial ecosystem.
The article highlights a significant increase in Spanish remittances to Morocco, positioning the country as the second-largest recipient from Spain. Morocco’s growing diaspora in Spain, alongside overall remittance growth and foreign investments, underscores a changing financial landscape. Despite remaining below the global average in remittance-to-GDP ratio, the emergence of digital platforms suggests evolving methods for international money transfers.
Original Source: www.moroccoworldnews.com
