Moroccan remittances from Spain almost double in ten years

Remittances from Spain to Morocco have doubled in the past decade, reaching €1.375 billion in 2023, or 13.1% of Spain’s total remittance outflows, Moroccan media report citing figures from the Bank of Spain. This marks a sharp rise from 7.4% in 2013, and the2023 figure represents 0.09% of Spain’s GDP.

The increase coincides with the growth of Spain’s Moroccan community, which nowexceeds one million residents. Morocco is now the second-largest recipient of remittances from Spain, after Colombia (€1.5 billion).

Spain’s total remittance outflow reached €10.7 billion in 2023, significantly higher than pre-pandemic levels. Morocco’s global remittance inflows also grew, totaling $11.7 billion in 2024.

As remittance flows expand, digital financial services are emerging to facilitate transfers, reflecting shifting migration and economic ties between Spain and Morocco. The trend underscores Morocco’s economic integration with Spain as well as the importance of diaspora contributions to Morocco’s economic growth.