Spanish remittances to Morocco have reached €1.375 billion in 2023, marking a near doubling over the past decade. Morocco is now the second-largest recipient of remittances from Spain, attributed to the growth of the Moroccan community in Spain, which now exceeds one million individuals. The overall remittance flow from Spain stands at €10.7 billion, showing a recovery post-COVID-19.
Remittances from Spain to Morocco have significantly increased, reaching €1.375 billion in 2023. This figure constitutes 13.1% of total remittances from Spain and corresponds to 0.09% of Spain’s GDP. A decade ago, Morocco only received 7.4% of these remittances, highlighting the dramatic growth in recent years.
The expansion of the Moroccan community in Spain—growing by 200,000 individuals within a two-year period—contributes to this rise. Moroccans now represent the largest foreign demographic in Spain, surpassing one million residents according to the Spanish National Statistics Institute (INE). In comparison, Colombia remains the leading recipient of remittances, receiving 14.7% of total transfers.
The surge in Spanish remittances to Morocco reflects both the growing Moroccan population in Spain and evolving financial dynamics in international money transfers. The remarkable increase established Morocco as the second-largest recipient of such funds, indicating a significant trend in diaspora support that impacts Morocco’s economy positively. As these financial flows continue to expand, they present new opportunities for financial service providers.
Original Source: www.moroccoworldnews.com
