Casablanca – Morocco’s national savings and investment levels recorded a notable upswing in 2024, reflecting stronger corporate performance, improved household financial capacity, and a more dynamic investment environment across institutional sectors. According to consolidated data from the High Commission for Planning (HCP), national savings reached $47.6 billion, an 11.6% increase compared with the previous year, marking one of the most robust annual expansions in recent cycles.

Financial and non-financial corporations remained the primary contributors, generating 60.3% of total national savings. Their performance underscores the weight of corporate profitability and self-financing in the economy’s overall capacity to accumulate financial resources. Households and non-profit institutions serving households accounted for 26.8%, while public administrations provided the remaining 12.9%.

The resilience of household savings is particularly notable given the economic headwinds experienced in previous years. This improvement was supported by a significant increase in bank deposits, which outpaced the rise in household borrowing, thereby strengthening their financing position.

Alongside the expansion in savings, gross fixed capital formation (GFCF) posted a strong annual increase. National investment reached $43.5 billion in 2024, representing a 13.9% rise compared with 2023. The rebound in investment was primarily driven by corporate activity, with financial and non-financial companies increasing investment by 19.9%. Their combined share accounted for 59.2% of total national investment.

Households and non-profit entities contributed 26.1% to GFCF, supported by continued interest in residential construction, small-scale business operations, and equipment purchases. Public administrations contributed 14.7%, reflecting ongoing infrastructure programs and sectoral investments, though at a more moderate growth rate of 3.2%.

Despite the positive trajectory in both savings and investment, Morocco’s overall financial equilibrium experienced new pressures. The national financing need reached $1.9 billion in 2024, equivalent to 1.2% of GDP, up from 0.9% the previous year. This shift is largely attributed to the evolving financial position of non-financial corporations, which moved from a financing surplus of $1.23 billion to a financing deficit of around $845 million. The reversal reflects increased investment commitments as well as slower growth in retained earnings relative to financing requirements.

Financial corporations also reported a widening financing deficit, reaching $939 million. The sector recorded a significant decline in lending—totaling $4.32 billion—while deposits rose strongly to $15.7 billion, suggesting a shift in financial intermediation patterns and liquidity allocation.

Public administrations, however, experienced some relief in their financing needs, which improved by $1.26 billion. The State continued to rely on both domestic and external borrowing to cover its remaining requirements. Treasury issuance on the domestic market rose substantially, generating a net inflow of $5.03 billion in 2024. External borrowing also contributed, with a net inflow of $1.96 billion, reflecting active participation in international financing channels.

At the same time, internationally issued negotiable debt securities recorded a negative net flow of $969 million, indicating repayments or reduced reliance on international market instruments during the period.

Non-financial corporations, facing a more challenging borrowing environment, saw a significant drop in bank lending. The net flow of bank loans to these companies amounted to $1.33 billion, representing 15.1% of their liabilities, a sharp decline compared with previous years. This suggests heightened risk assessment in lending or improved corporate liquidity management reducing demand for credit.

Household borrowing registered a slight increase, with net loan flows of $1.34 billion, supported by steady demand for housing and consumer loans. Yet the more striking development remained the rise in household deposits, which grew by a substantial $8.95 billion, reinforcing the sector’s improved financing capacity and greater financial resilience.

The combined developments of 2024 portray a national economy where investment recovered strongly, savings expanded across institutional sectors, but structural financing pressures persisted—particularly among corporations transitioning from self-financing surpluses to borrowing needs. The contrasting dynamics between strengthened household financial positions and elevated corporate financing pressures highlight the changing contours of Morocco’s economic structure as it moves into the next planning cycle.