Morocco Economy - 2023

Economic overview

lower middle-income North African economy; ongoing recovery from recent drought; rebounding via tourism, manufacturing, and aeronautics industries; major US free trade agreement; developing energy exporter 

Real GDP (purchasing power parity)

$303.336 billion (2021 est.)

$281.049 billion (2020 est.)

$302.813 billion (2019 est.)

note: data are in 2017 dollars

comparison ranking

Real GDP growth rate

7.93% (2021 est.)

-7.19% (2020 est.)

2.89% (2019 est.)

comparison ranking

Real GDP per capita

$8,100 (2021 est.)

$7,500 (2020 est.)

$8,200 (2019 est.)

note: data are in 2017 dollars

comparison ranking

GDP (official exchange rate)

$118.858 billion (2019 est.)

Inflation rate (consumer prices)

1.4% (2021 est.)

0.71% (2020 est.)

0.3% (2019 est.)

comparison ranking

Credit ratings

Fitch rating: BB+ (2020)

Moody's rating: Ba1 (1999)

Standard & Poors rating: BBB- (2010)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 14% (2017 est.)

industry: 29.5% (2017 est.)

services: 56.5% (2017 est.)

GDP - composition, by end use

household consumption: 58% (2017 est.)

government consumption: 18.9% (2017 est.)

investment in fixed capital: 28.4% (2017 est.)

investment in inventories: 4.2% (2017 est.)

exports of goods and services: 37.1% (2017 est.)

imports of goods and services: -46.6% (2017 est.)

Agricultural products

wheat, sugar beet, milk, potatoes, olives, tangerines/mandarins, tomatoes, oranges, barley, onions

Industries

automotive parts, phosphate mining and processing, aerospace, food processing, leather goods, textiles, construction, energy, tourism

Industrial production growth rate

6.84% (2021 est.)

comparison ranking

Labor force

11.814 million (2021 est.)

comparison ranking

Labor force - by occupation

agriculture: 39.1%

industry: 20.3%

services: 40.5% (2014 est.)

Unemployment rate

11.47% (2021 est.)

11.45% (2020 est.)

9.28% (2019 est.)

comparison ranking

Youth unemployment rate (ages 15-24)

total: 27.2%

male: 26.7%

female: 28.7% (2021 est.)

note: does not include data from the former Western Sahara

comparison ranking

Population below poverty line

4.8% (2013 est.)

Gini Index coefficient - distribution of family income

39.5 (2013 est.)

comparison ranking

Average household expenditures

on food: 34% of household expenditures (2018 est.)

on alcohol and tobacco: 1.4% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 33.2% (2007)

Budget

revenues: $30.697 billion (2019 est.)

expenditures: $35.591 billion (2019 est.)

Budget surplus (+) or deficit (-)

-3.6% (of GDP) (2017 est.)

comparison ranking

Public debt

65.1% of GDP (2017 est.)

64.9% of GDP (2016 est.)

comparison ranking

Taxes and other revenues

20.02% (of GDP) (2020 est.)

comparison ranking

Fiscal year

calendar year

Current account balance

-$3.261 billion (2021 est.)

-$1.368 billion (2020 est.)

-$4.407 billion (2019 est.)

comparison ranking

Exports

$47.078 billion (2021 est.) note: data are in current year dollars

$37.545 billion (2020 est.) note: data are in current year dollars

$44.048 billion (2019 est.) note: data are in current year dollars

comparison ranking

Exports - partners

Spain 20%, France 19%, India 5%, Brazil 5%, Italy 5% (2021)

Exports - commodities

cars, fertilizers, insulated wiring, phosphoric acid, clothing and apparel (2021)

Imports

$60.047 billion (2021 est.) note: data are in current year dollars

$46.358 billion (2020 est.) note: data are in current year dollars

$54.097 billion (2019 est.) note: data are in current year dollars

comparison ranking

Imports - partners

Spain 19%, France 11%, China 9%, United States 7%, Germany 5%, Turkey 5%, Italy 5% (2019)

Imports - commodities

refined petroleum, cars and vehicle parts, natural gas, wheat, coal (2021)

Reserves of foreign exchange and gold

$35.648 billion (31 December 2021 est.)

$35.998 billion (31 December 2020 est.)

$26.413 billion (31 December 2019 est.)

comparison ranking

Debt - external

$52.957 billion (2019 est.)

$51.851 billion (2018 est.)

comparison ranking

Exchange rates

Moroccan dirhams (MAD) per US dollar -

8.988 (2021 est.)

9.497 (2020 est.)

9.617 (2019 est.)

9.386 (2018 est.)

9.692 (2017 est.)

NOTE: The information regarding Morocco on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Morocco 2023 information contained here. All suggestions for corrections of any errors about Morocco 2023 should be addressed to the CIA or the source cited on each page.