Morocco Economy - 2024

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

Real GDP growth rate

7.93% (2021 est.)
-7.19% (2020 est.)
2.89% (2019 est.)

Real GDP per capita

$8,100 (2021 est.)
$7,500 (2020 est.)
$8,200 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

11.814 million (2021 est.)

Unemployment rate

11.47% (2021 est.)
11.45% (2020 est.)
9.28% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 27.2% (2021 est.)

male: 26.7%

female: 28.7%

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.)

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)

Remittances

7.49% of GDP (2021 est.)
6.11% of GDP (2020 est.)
5.4% of GDP (2019 est.)

Budget

revenues: $30.697 billion (2019 est.)

expenditures: $35.591 billion (2019 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

20.02% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$3.261 billion (2021 est.)
-$1.368 billion (2020 est.)
-$4.407 billion (2019 est.)

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

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

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.)

Debt - external

$52.957 billion (2019 est.)
$51.851 billion (2018 est.)

Exchange rates

Moroccan dirhams (MAD) per US dollar -

Exchange rates:
8.988 (2021 est.)
9.497 (2020 est.)
9.617 (2019 est.)
9.386 (2018 est.)
9.692 (2017 est.)