IMF Predicts Morocco's Economy Will Outpace Spain's Growth. For the first time in years, Morocco may surpass Spain in GDP growth rates. IMF forecasts point to an annual 4% increase driven by car exports and record-breaking tourism. Spain, however, remains ahead in overall economic size.
Morocco is emerging as a regional leader in economic growth: according to the International Monetary Fund, the country’s GDP is expected to increase by about 4% annually over the next two years. This forecast significantly exceeds the projected growth rate of Spain's economy, where, according to the IMF, the figure will remain around 2%.
Car exports and new records
The key driver of Moroccan growth has been the automotive sector. Over the past year, the country has not only solidified its position as Africa’s largest car manufacturer—around 700,000 vehicles annually—but also sharply boosted exports. In 2024, overseas car sales reached €10.89 billion, allowing this sector to surpass traditional export categories such as fertilizers and insulated cables in terms of revenue. According to the Observatorio de Complejidad Económica, cars have become Morocco’s main export product.Tourism and investment
The tourism sector has also played an important role in accelerating the economy. In 2024, Morocco welcomed a record 19.8 million foreign visitors, the highest number in the country’s history. Additional momentum came from increased government investment and the development of the energy sector, with a focus on renewables and stable tariffs for industry.Comparison with Spain
Despite higher growth rates, Spain's economy remains significantly larger and more resilient than Morocco's. However, recent trends show that Morocco is narrowing the gap through export diversification and active promotion of tourism. In this context, it is worth noting that Spain has previously experienced other economic shifts: for example, Catalonia recently surpassed Madrid in employment numbers, but is now facing a downgrade in growth forecasts.Stability factors
According to the IMF, Morocco's success is explained not only by exports and tourism, but also by increased investment in energy and industry. At the same time, Spain maintains its leadership in terms of economic size and development level, despite more modest growth rates in recent years.
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