Morocco’s current account deficit more than doubled to MAD 42 billion in 2025, despite record tourism revenues, rising remittances and a sharp increase in foreign investment, according to the Exchange Office’s annual balance of payments report published October 15.
The deficit reached 2.4% of GDP, compared with MAD 19.6 billion, or 1.2% of GDP, in 2024, primarily because imports grew faster than exports.
The goods trade deficit widened 15.2% to MAD 311.1 billion under the balance-of-payments accounting method. Imports increased 8% to MAD 822.3 billion, while exports rose just 3% to MAD 470 billion.
Tourism receipts reached a record MAD 138.6 billion, up 21%, helping lift the services surplus 12.8% to MAD 157.7 billion. Remittances from Moroccans abroad also reached a record MAD 122 billion.
Net foreign direct investment climbed 79.6% to MAD 31.2 billion, with France accounting for nearly one-third of the total, followed by the United Arab Emirates and the Netherlands.
Foreign reserve assets increased 18% to MAD 442.9 billion, while Morocco’s negative net international investment position widened to MAD 791.8 billion from MAD 710.7 billion.
The Exchange Office said the figures remain provisional, based on data available through June 2026.
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