Thursday, February 29, 2024
Thursday, February 29, 2024
Home » Morocco’s Tourism Revenues Hit $8.7 Billion in October 2023



Rabat – Tourism revenues in Morocco reached MAD 88.4 billion ($8.7 billion) in the first 10 months of 2023, marking a 20% year-on-year increase, according to a monthly update from the county’s Office d’Echange (OC).

The report explains that revenues this year, have even exceeded revenues from 2019, reflecting the country’s strong post-pandemic recovery.

Despite the devastating earthquake that struck Morocco in September, the tourism sector is on its way to reaching its target of 14 million tourists by the end of December 2023.

One month after the earthquake, the country hosted the IMF and the World Bank in Marrakech in October, propelling the recovery in the tourism industry. 

At the end of September, the country welcomed 11.1 million tourists, more than the total number of visitors in 2022.

The sector received a significant boost in recent years thanks to government policies aiming to increase the sector’s added value to the economy. In 2022, the sector attracted close to $8 billion in government investments, primarily directed towards hotels. 

In addition, the minister secured MAD 6.1 billion (about $600 million) of government funding for a program aimed at increasing tourist arrivals to 17.5 million by the end of 2026 and creating 200,000 jobs directly and indirectly, with a goal of boosting annual tourism revenue to $12 billion.

To achieve this goal, the Ministry of Tourism unveiled plans to restructure Morocco’s tourism offering, including the creation of a diverse range of “experience” packages such as city breaks, cultural tours, beach vacations, water sports, mountain biking and gastronomic experiences.

Source : MoroccoWorldNews

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