So close, so far… Located in North Africa, our southern neighbor is only 14 km from Spain. Morocco is almost as large and populated as our country, Spain, as it currently has an area of 446,000 km2 and a population of almost 38 million inhabitants.
What we know as the Kingdom of Morocco became independent from France and Spain in 1956, and although since then it has modernized a lot, for Europeans it is still a very peculiar and different country from ours.
Economy, in general
Obviously Spain’s GDP per capita of 28,280 euros (2022) is not comparable to that of Morocco, which is 3,514 euros (2022), although in terms of purchasing power parity (PPP) the latter figure is almost double.
Its economy has some important sectors, which represent a very significant source of income for the country:
Agriculture and fishing: Mainly fruits and vegetables and agri-food industry. It is Africa’s leading fish producer.
Fertilizers: Phosphates, which account for 75% of the world’s reserves.
Automobile production: Renault and the Peugeot-Citroën group have factories in the country, and are producing more every year.
Tourism: It represents, depending on the year, almost 10% of Morocco’s GDP. France, Spain, the United Kingdom and Germany are, in that order, the countries from which Morocco receives the most tourists.
The textile and leather production sector is also significant.
Thanks to the strength of these sectors and the stability and dynamism of the country. its economy has been growing steadily in recent years. Averaging since 2013, we are approaching 4% per year (excluding 2020, due to Covid pandemic effects). However, the forecast for 2022 was 3.2% and finally, due to various factors, especially the drought in the countryside, it has remained at 1.3%.
Its main trading partner is the European Union, with 55% of imports from this source and 69% of exports to this destination.
Within the EU, Spain is the most important country for both exports and imports in its domestic trade. For Spain, Morocco has been considered since 2017 as a PASE country (Countries of Strategic Sectoral Action) and because of its privileged location, very close to Europe, it has earned the nickname “The Gateway to Africa”.
Possibilities for the in Morocco
As Spain is both Morocco’s main customer and supplier country, we are in an unbeatable position to expand business with our neighbor. We see excellent possibilities in the field of Construction and Tourism, sectors in which our country has great experience and solvent companies. There is also a whole layer of Moroccan society that, having prospered a lot in recent times, likes to live in a Westernized style, acquiring European consumer goods. If your company is interested in this interesting market, IO Consultores can support and advise you. Contact us for further information.
