Morocco Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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.

Real GDP (purchasing power parity)

$259.42 billion (2020 est.)

$279.3 billion (2019 est.)

$272.53 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.5% (2019 est.)

2.96% (2018 est.)

3.98% (2017 est.)

Real GDP per capita

$6,900 (2020 est.)

$7,500 (2019 est.)

$7,400 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$118.858 billion (2019 est.)

Inflation rate (consumer prices)

0.2% (2019 est.)

2% (2018 est.)

0.7% (2017 est.)

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

2.8% (2017 est.)

Labor force

10.399 million (2020 est.)

Labor force - by occupation

agriculture: 39.1%

industry: 20.3%

services: 40.5% (2014 est.)

Unemployment rate

9.23% (2019 est.)

9.65% (2018 est.)

Youth unemployment rate (ages 15-24)

total: 22.2%

male: 22%

female: 22.8% (2016 est.)

note: does not include data from the former Western Sahara

Population below poverty line

4.8% (2013 est.)

Gini Index coefficient - distribution of family income

39.5 (2013 est.)

39.5 (1999 est.)

Household income or consumption by percentage share

lowest 10%: 2.7%

highest 10%: 33.2% (2007)

Budget

revenues: 22.81 billion (2017 est.)

expenditures: 26.75 billion (2017 est.)

Budget surplus (+) or deficit (-)

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

Public debt

65.1% of GDP (2017 est.)

64.9% of GDP (2016 est.)

Taxes and other revenues

20.9% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$5.075 billion (2019 est.)

-$6.758 billion (2018 est.)

Exports

$37.52 billion (2020 est.) note: data are in current year dollars

$44.05 billion (2019 est.) note: data are in current year dollars

$43.25 billion (2018 est.) note: data are in current year dollars

Exports - partners

Spain 23%, France 19% (2019)

Exports - commodities

cars, insulated wiring, fertilizers, phosphoric acid, clothing and apparel (2019)

Imports

$46.26 billion (2020 est.) note: data are in current year dollars

$54.1 billion (2019 est.) note: data are in current year dollars

$55.38 billion (2018 est.) note: data are in current year dollars

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, coal, low-voltage protection equipment (2019)

Reserves of foreign exchange and gold

$26.27 billion (31 December 2017 est.)

$25.37 billion (31 December 2016 est.)

Debt - external

$52.957 billion (2019 est.)

$51.851 billion (2018 est.)

Exchange rates

Moroccan dirhams (MAD) per US dollar -

9.0065 (2020 est.)

9.657 (2019 est.)

9.48825 (2018 est.)

9.7351 (2014 est.)

8.3798 (2013 est.)

NOTE: The information regarding Morocco on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Morocco 2022 information contained here. All suggestions for corrections of any errors about Morocco 2022 should be addressed to the CIA or the source cited on each page.