Morocco’s national savings soared to MAD 412.7 billion (USD 40.3 billion) in 2023, marking a robust 16% year-on-year increase, according to Morocco’s statistics office (HCP).
Financial and non-financial corporations drove the growth, contributing 60.6% of total savings. Households and non-profit institutions accounted for 28%, while public administrations chipped in 10%.
Government spending took center stage, with public-sector investments rising by 24.4%, reflecting an aggressive push to modernize infrastructure and expand services. Household and non-profit contributions rose 8.4%, while corporate investments slipped 1.5%.
Meanwhile, private-sector borrowing decelerated sharply. Net corporate bank loans dropped to MAD 15.9 billion (USD 1.5 billion) in 2023, down from MAD 46.1 billion (USD 4.6 billion) a year prior. Household borrowing also eased, with net flows declining to MAD 12.3 billion (USD 1.2 billion) from MAD 16.4 billion (USD 1.6 billion) in 2022.
The financial sector saw reduced activity in both loans and deposits. Net loans from financial institutions declined to MAD 65.5 billion (USD 6.5 billion) in 2023, from MAD 87 billion (USD 8.7 billion) the previous year. Deposits posted a net inflow of MAD 88 billion (USD 8.8 billion), down sharply from MAD 177.9 billion (USD 17.7 billion) in 2022.