According to the Office’s 2023 annual report on Morocco’s balance of payments  and international investment position, this decline wasdue to a rise in expenditure, from MAD 17.3 billion in 2022 to MAD 23.5 billion in 2023 (+35,8%), and a decrease in revenue, which fell to MAD 34.6 billion in 2023 compared to MAD 40.3 billion in 2022 (-14.1%).

This situation is explained by the combined decline in net inflows of debt instruments by 70.6% (+MAD 2.5 billion in 2023 compared to +MAD 8.5 billion in 2022) and net inflows of equity securities by 48.9% (+MAD 6.1 billion in 2023 compared to +MAD 11.9 billion in 2022), while reinvested earnings remain almost stable at MAD 2.5 billion.

By sector, in terms of net flows, the real estate sector ranked first  in 2023 (MAD +5.9 billion with a 53% share of total net FDI flows to Morocco), followed by the transport and warehousing sector (MAD +2 billion with an 18.3% share of total net FDI flows), and then financial and insurance activities (+MAD 1.5 bln with a 13.4% share of total net FDI flows).

The share of these three sectors in the total net FDI flows amounted to 84.7% in 2023.