Morocco's Macroeconomic Analysis:
Nominal GDP of USD 131 billion in 2022.
Nominal GDP of USD 144 billion in 2023.
GDP per capita of USD 3,901 compared to the global average of USD 10,589.
GDP per capita of USD 3,568 compared to the global average of USD 10,589.
Average real GDP growth of 2.6% over the last decade.
Average real GDP growth of 2.6% over the last decade.
Sector Analysis
In 2021, services accounted for 61% of overall GDP, manufacturing 15%, other industrial activity 11%, and agriculture 13%. Looking at GDP by expenditure, private consumption accounted for 58% of GDP in 2021, government consumption 20%, fixed investment 32%, and net exports -10%.International trade
In 2020, manufactured products made up 70% of total merchandise exports, mineral fuels 1%, food 23%, ores and metals 5% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 68% of total merchandise imports, mineral fuels 12%, food 15%, ores and metals 4% and agricultural raw materials 2%, with other goods accounting for -1% of the total. Total exports were worth USD 36 billion in 2022, while total imports were USD 63 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 2.6% in the decade to 2022. To read more about GDP growth in Morocco, go to our dedicated page.
Fiscal policy
Morocco's fiscal deficit averaged 4.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 10.2% in the decade to 2022. For more information on Morocco's unemployment click here.
Inflation
Inflation averaged 1.6% in the decade to 2022. Go to our Morocco inflation page for extra insight.
Monetary Policy
Morocco's monetary policy rate ended 2022 at 2.50%, down from 3.16% a decade earlier. See our Morocco monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the dirham weakened by 19% vs the U.S. dollar. For more info on the dirham, click here.
Economic situation in Morocco
Annual economic growth accelerated to a one-year high of 2.8% in the third quarter from 2.4% in the second, according to a preliminary estimate from the statistical office. The improvement was led by stronger private consumption, despite a mild increase in inflation in the quarter. Less positively, external demand continued to drag on growth; exports improved but were outpaced by imports on robust domestic demand. Turning to Q4, our Consensus is for growth to slow, a view shared by the statistical office. As a drought continues to hamper crop output, the agricultural sector will likely remain a drag to growth at the close of the year. In other news, the European Investment Bank loaned USD 555 million for infrastructure reconstruction following September 2023’s devastating earthquake; the funds are the first tranche of a three-year USD 1.1 billion package.Morocco Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 15 expert analysts.
Want to get insight on the economic outlook for Morocco in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Morocco from a panel of 15 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Morocco economy. To download a sample report on the Morocco's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.