Economy - overview:
Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness.

In the 1980s, Morocco was a heavily indebted country before pursuing austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment, although poor harvests and economic difficulties in Europe contributed to an economic slowdown. To boost exports, Morocco entered into a bilateral Free Trade Agreement with the US in 2006 and an Advanced Status agreement with the EU in 2008. In late 2014, Morocco eliminated subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighed on the country’s budget and current account. Subsidies on butane gas and certain food products remain in place. Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030.

Despite Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas. Key economic challenges for Morocco include reforming the education system and the judiciary.

GDP (purchasing power parity):
$298.6 billion (2017 est.)
$286.8 billion (2016 est.)
$283.6 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: GDP country ranks ]

GDP (official exchange rate):
$109.3 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.1% (2017 est.)
1.1% (2016 est.)
4.6% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 74
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$8,600 (2017 est.)
$8,300 (2016 est.)
$8,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 147
[see also: GDP - per capita country ranks ]

Gross national saving:
30.1% of GDP (2017 est.)
28.9% of GDP (2016 est.)
28.8% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 31
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 58% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.9% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 28.4% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 4.2% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 37.1% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -46.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 14% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.5% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine

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

Industrial production growth rate:
2.8% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 110
[see also: Industrial production growth rate country ranks ]

Labor force:
12 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 48
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 39.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 40.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
10.2% (2017 est.)
9.9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 143
[see also: Unemployment rate country ranks ]

Population below poverty line:
15% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.2% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
40.9 (2007 est.)
39.5 (1999 est.)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 22.81 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 26.75 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
20.9% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 144
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.6% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 150
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
65.1% of GDP (2017 est.)
64.9% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2017 est.)
1.6% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 43
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6.5% (31 December 2010)
3.31% (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.6% (31 December 2017 est.)
5.73% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$87.13 billion (31 December 2017 est.)
$74.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$87.13 billion (31 December 2017 est.)
$74.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 42
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$124.4 billion (31 December 2017 est.)
$109.3 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 52
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$45.93 billion (31 December 2015 est.)
$52.75 billion (31 December 2014 est.)
$53.83 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$3.92 billion (2017 est.)
-$4.363 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 177
[see also: Current account balance country ranks ]

Exports:
$21.48 billion (2017 est.)
$22.66 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 69
[see also: Exports country ranks ]

Exports - partners:
Spain 23.2%, France 22.6%, Italy 4.5%, US 4.2% (2017)

Exports - commodities:
clothing and textiles, automobiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish

Imports:
$39.64 billion (2017 est.)
$36.59 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 59
[see also: Imports country ranks ]

Imports - commodities:
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics

Imports - partners:
Spain 16.7%, France 12.2%, China 9.2%, US 6.9%, Germany 6%, Italy 5.9%, Turkey 4.5% (2017)

Reserves of foreign exchange and gold:
$26.27 billion (31 December 2017 est.)
$25.37 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 53
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$51.48 billion (31 December 2017 est.)
$44.65 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 65
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$63.17 billion (31 December 2017 est.)
$54.78 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 55
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$5.351 billion (31 December 2017 est.)
$5.203 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 75
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Moroccan dirhams (MAD) per US dollar -
9.639 (2017 est.)
9.7787 (2016 est.)
9.7787 (2015 est.)
9.7351 (2014 est.)
8.3798 (2013 est.)