Moroccan industry posts record revenue and investment surge in 2024

Morocco’s industrial sector marked a historic breakthrough in 2024,generating 898 billion dirhams in revenue and achieving a record 30% increase in investment,industry and trade minister,Ryad Mezzour said.

Speaking at the presentation of the Industry barometer,Mezzour said 2024 was “a decisive turning point” in Morocco’s industrial development.

He emphasized the sector’s growing maturity and resilience,noting that all major economic indicators showed significant progress despite global challenges.

Compared to 2023,industrial revenue rose by 9%,while production increased by 12% to reach 842 billion dirhams.

Industrial value added climbed 11% to 240 billion dirhams,and investment surged to 90 billion dirhams,the highest annual increase on record.

Employment in the sector also expanded,surpassing one million jobs. A total of 1,038,133 industrial positions were recorded,with 42,714 net new jobs created in 2024 alone. Between 2021 and 2024,the sector experienced unprecedented growth,with revenue multiplying by 2.2,value added by 1.5,and exports tripling.

The automotive industry continued to lead Morocco’s industrial transformation,maintaining its position as the country’s top export sector.

In 2024,it generated nearly 196 billion dirhams in revenue and provided over 250,000 direct jobs,becoming the leading contributor across all major economic indicators.

The ministry also highlighted the dominance of national capital in the industrial landscape,with 70% of industrial assets held by Moroccan investors. This reflects growing confidence in the sector’s strength and its role in job creation and value generation.

Morocco’s industrial evolution is increasingly driven by medium- and high-tech industries,which now account for more than half of the sector’s value added. This shift underscores the country’s strategic pivot toward innovation and value creation.

Productivity has also seen a dramatic rise. Over the past decade,average productivity per industrial job increased by 30%,reaching 231,000 dirhams.