Growth, Investment, and Strategic Sectors: Decoding Morocco’s Industry Barometer 2024

During the 3rd National Industry Day, held on November 3 and 4 in Rabat, Médias24 met with Hanane Belyagou, Director of Statistics, Studies, Monitoring, and Evaluation at the Ministry of Industry and Trade. She presented the findings of the 2024 Industry Barometer, which offers a comprehensive overview of Morocco's industrial sector.

The 2024 Industry Barometer

"The Industry Barometer, in its second edition, is designed as an economic intelligence tool offering a clear analysis of the performance of the industrial sector for both public and private stakeholders," explains Hanane Belyagou.

According to the barometer, industrial turnover nearly reached 900 billion MAD in 2024, up 9% from 2023, with 240 billion MAD of value added and 90 billion MAD of investments, representing a 30% increase.

"These results are notable given the global context marked by geopolitical tensions and shifts in value chains," she points out.

Automotive: a strategic niche, not a dependency

The automotive sector remains Morocco’s industrial driving force, with 196 billion MAD in turnover and 250,000 jobs. However, according to Hanane Belyagou, this does not represent a risky dependency. "It's a strategic choice. The automotive sector fuels related industries such as technical textiles, electronics, and plastics. This reflects strong local integration, both vertical and horizontal."

She notes that Morocco is now the leading exporter of automotive cables to Europe, highlighting higher value added. "In all industrialized economies, strong niches are essential. Morocco has chosen its niche, and it's paying off."

Investments: a historical peak in 2024

The barometer reports record industrial investments of 90 billion MAD, up 30%. "Investment is by nature sporadic, depending on individual decisions by economic actors," Hanane Belyagou explains.

This increase is notably driven by large-scale projects in the chemical industry, linked to decarbonization and the development of natural resources, as well as investments in batteries for electric vehicles. "While some sectors attract larger sums, all are advancing in investment and capacity expansion."

Industrial deconcentration: still weak signals

According to the barometer, 83% of industrial activity is concentrated in three regions: Casablanca, Rabat, and Tangier. "The desire for deconcentration is real, especially through the Investment Charter, which offers incentives for projects outside these hubs," she explains.

Casablanca's share of national turnover has decreased from 70% to 54%, "but it still reflects significant concentration. Deconcentration is happening gradually. For example, the automotive sector is starting to establish itself in Souss-Massa and Oriental, each at 0.2% — weak but telling signals."

Energy transition: an inevitable transformation

The barometer reveals that 74% of industrial energy consumption still relies on "other" energies, a category that includes fossil fuels but also a notable share of renewables. "We know that over 7 TWh already come from renewable sources, but out of caution, we haven't yet separated them in the data," Hanane Belyagou clarifies.

She emphasizes that energy-intensive industries (cement, sugar, chemicals...) are now compelled to adopt decarbonization solutions to maintain access to European markets. "This barometer serves as a baseline. In future editions, we'll be able to measure the shift towards industries that are more electricity-based and less carbon-dependent."

"What we're witnessing today," concludes Hanane Belyagou, "is the realization of a long-term vision. The Moroccan industry is gaining maturity, integration, and economic sovereignty."