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Morocco’s 2023 Imports of Spanish Natural Gas Increase by Staggering 403%

Morocco's imports of natural gas from Spain rose by a whopping 403% during 2023, accounting for 12.5 percent of total Spanish exports of the fuel, according to the Corporation for Strategic Reserves of Petroleum Products (Cores), Spanish news outlet “El periódico de la Energia” reported on Thursday. While in 2022 Spain exported only about 1,881…

Morocco’s Budget Deficit Nears 63 Bln MAD at Year-End 2023

Morocco's budget deficit reached 62.8 billion MAD, i.e. 4.4% of the Gross Domestic Product (GDP), by the end of December 2023, said the Ministry of Economy and Finance in its Treasury situation report (SCRT) for December 2023. This figure is slightly lower than the target set in the 2023 appropriation bill (4.5% of GDP), but represents a one-point…

EIB Grants 115 Million Subsidy for Technopoles Expansion in Morocco

European Investment Bank (EIB) provided a 115 million euro loan to MEDZ, a state investment agency (CDG) subsidy group, to expand and modernize ten Technopoles Maroc II projects, during an EIB forum on Feb. 7-8 taking place in Luxembourg, according to the bank’s release. The project seeks to foster regional economic growth and build Morocco as a…

Morocco’s 2023 Banana Imports Increased by 33%

Following a dramatic dip in banana imports in 2022, Morocco's imports of bananas broke a new record in 2023, when it imported 23,000 tons of foreign bananas, a 33% rise over the previous “disastrous” year, "East Fruit" reported on Thursday. The 2023 volume of Morocco’s imports of the fruit surpassed the figures in both 2019 and 2020, which had…

Morocco ‘Worthy of Emulation’ in Europe and Africa as Leader in Green Energy

Morocco is being lauded as one of the states which have “risen to the challenge of green energy” for its “exemplary record” in generating and exporting renewable energy. In an article penned by Dr. Stephen J. Blank, a Fellow at the Eurasia Program of the Foreign Policy Research Institute, published Saturday on the RealClearDefense.com website,…

Morocco: Africa’s Investment Eldorado, Forbes Africa

Forbes Africa magazine's new February-March edition showcases Morocco's economic model, as well as its dedication to African co-development and shared wealth, said the magazine on Friday. The magazine's special edition "Morocco: Unleashing Opportunities at the Crossroads of Continents," focuses on the Kingdom's successes in crucial,…

Morocco’s Trade Deficit Drops by 7.3% Y-O-Y

Morocco's yearly trade deficit fell 7.3% to 286 billion MAD in 2023, by virtue of lower energy imports and more tourism earnings, according to a monthly report from the foreign currency regulator, per U.S. News on Sunday in a recap article. Imports declined 2.5% from the previous year to 715 billion MAD dirhams, while exports climbed by 0.2% to…