Remittances from Spain to Morocco have nearly doubled, reaching €1.375 billion in 2023, making Morocco the second-largest recipient of these transfers. The Moroccan population in Spain has grown significantly, contributing to this surge. Colombia remains the largest recipient overall, while overall remittances from Spain have reached €10.7 billion in 2023. Morocco continues to see an increase in both remittances and foreign investments.
Recent data from the Bank of Spain, analyzed by The Objective, indicates that remittances from Spain to Morocco have nearly doubled in the last decade, establishing Morocco as the second-largest recipient of such transfers from Spain. In 2023, these remittances reached €1.375 billion, accounting for 13.1% of total remittances from Spain and 0.09% of Spain’s GDP. This is a significant increase from ten years prior when Morocco received only 7.4% of total remittances and 0.04% of GDP.
The notable rise in remittances is associated with the expansion of the Moroccan community in Spain, which increased by 200,000 individuals in just two years. Currently, Moroccans represent the largest foreign population in Spain, surpassing one million residents as per the Spanish National Statistics Institute (INE). Colombia remains the primary destination for remittances, receiving 14.7% of total transfers, which equates to €1.5 billion.
In 2023, the total outflow of remittances from Spain reached €10.7 billion, constituting 0.7% of Spanish GDP, reflecting a growth of 0.5 percentage points since the onset of the COVID-19 pandemic. The robust remittances from Spain have further solidified Morocco’s standing in diaspora transfers, with Morocco’s Exchange Office reporting worldwide remittances from the Moroccan diaspora reached MAD 117.7 billion ($11.7 billion) in 2024, a 2.1% increase from the previous year.
Morocco continues to be the second-largest remittance recipient in the MENA region, following Egypt. The country has also experienced a substantial increase in foreign direct investments, amounting to MAD 17.23 billion ($1.7 billion), a 55.4% rise compared to the last year. In January 2025, remittances from Moroccans abroad were reported to be MAD 9.45 billion ($950 million), a slight increase over MAD 9.4 billion from the earlier period last year.
Since 2013, there has been a considerable transformation in remittance trends, with migrants from Ecuador, Bolivia, and Romania previously leading in transfers. Even prior to the pandemic in 2019, Ecuadorians were sending larger amounts than Moroccans. Significant increases have also been observed in other countries, such as Honduras and Pakistan, with their shares of total transfers increasing considerably.
The Bank of Spain highlights that while there has been an increase in remittances both globally and within Spain—which reflects contemporary migration patterns—the remittance-to-GDP ratio in Spain historically remains below the international average, although it shows considerable dynamism. This surge in remittance flows has led to the emergence of new financial service providers, particularly digital platforms dedicated to facilitating these transfers, marking a shift in the financial landscape for international money transfers from Spain.
In conclusion, the data illustrates a remarkable growth in Spanish remittances to Morocco, making it the second-largest recipient in the world. The expansion of the Moroccan community in Spain and the increase in both remittances and foreign direct investments underscore the evolving dynamics of financial flows. As remittance trends shift, new financial services are emerging to adapt to the increasing demand, pointing to a significant transformation in the landscape of international money transfers.
Original Source: www.moroccoworldnews.com
