After a disappointing performance in 2023, Morocco’s extractive industry made an impressive comeback in 2024. According to the Financial Studies and Forecasting Directorate (DEPF), part of the Ministry of Economy and Finance, the sector’s production index surged by 21% over the year—an extraordinary turnaround from the 5.3% decline seen the previous year.
This revival wasn’t a fluke—it played out steadily across all four quarters. The industry posted a 28.6% rise in the first quarter, followed by 29% in the second, 22.4% in the third, and 9.2% in the fourth. These consistently strong performances reflect a robust resurgence in a sector that remains vital to Morocco’s economic foundation.
At the heart of this recovery was rock phosphate, the backbone of Morocco’s mining industry. Production jumped by 24.5% through the end of November 2024, a dramatic reversal from the 10.8% drop recorded the year before. The momentum extended to phosphate derivatives, which climbed 22%, recovering from a 3.7% decline over the same period in 2023.
This upturn can be attributed to two key factors: a rebound in global demand and domestic efforts to modernize infrastructure and boost production efficiency. The OCP Group, a dominant player in the sector, has been instrumental in driving these improvements.
Despite the strong finish in 2024, early figures from 2025 suggest a more cautious outlook. In January, revenue from phosphate and derivative exports fell by 10.7%, totaling 5.6 billion dirhams. The dip was mainly due to a sharp drop in shipments of raw phosphate, down 36%, and a 7.6% decrease in phosphate-based products—signs of a still-volatile global market.
On a more positive note, exports of other mining products rose by 21.2% at the end of January 2025, signaling a welcome return to growth after a 24.4% slump in the same period a year earlier.
The resurgence of Morocco’s extractive sector in 2024 is a reminder of the critical role natural resources play in the country’s economic resilience. Yet, the shaky start to 2025 underscores the importance of broadening export markets and increasing domestic value creation.
As environmental and geopolitical pressures continue to reshape global dynamics, Morocco will need to double down on innovation, sustainability, and local processing to fully capitalize on its mineral wealth and stay on a stable growth trajectory.
