Morocco Economic Forecast

Morocco Economic Forecast

February 6, 2018

Leading data through November was upbeat, with healthy industrial output and positive external-sector figures pointing to another robust quarter to round out 2017. In November, exports rose on brisk phosphate shipments and automobile sales—key trends also recorded in provisional full-year results. Furthermore, the manufacturing sector accelerated in November from a month earlier. This stood in contrast to early reports from the agricultural sector, however, which appeared to begin the 2017–18 season in November with dry weather and low dam levels.

Morocco Economic Growth

Despite bright longer-term prospects, Morocco’s economy is expected to slow somewhat this year as last year’s agricultural base effect fades away. Over the medium term, pro-business structural reforms should boost growth and lower unemployment, while stronger exports and increased inbound tourism should narrow the current account deficit. FocusEconomics panelists expect GDP to grow 3.3% in 2018, down 0.2 percentage points from last month’s forecast, and 3.7% in 2019.

Morocco Economy Data

20122013201420152016
Population (million)32.532.933.233.533.8
GDP per capita (USD)2,9903,1933,3993,013-  
GDP (USD bn)97.2105113101-  
Economic Growth (GDP, annual variation in %)3.04.52.64.51.2
Consumption (annual variation in %)4.22.43.52.42.6
Investment (annual variation in %)3.6-0.5-2.11.53.9
Industrial Production (annual variation in %)1.50.91.31.64.5
Unemployment Rate9.09.29.99.69.5
Fiscal Balance (% of GDP)-6.8-5.1-4.7-4.3-  
Public Debt (% of GDP)58.261.763.564.1-  
Money (annual variation in %)4.32.75.07.06.3
Inflation Rate (CPI, annual variation in %, eop)2.60.41.60.61.8
Inflation Rate (CPI, annual variation in %)1.31.90.41.61.6
Policy Interest Rate (%)3.003.002.502.502.25
Exchange Rate (vs USD)8.468.169.069.9210.12
Exchange Rate (vs USD, aop)8.638.418.419.759.81
Current Account (% of GDP)-9.8-7.6-5.7-1.9-  
Current Account Balance (USD bn)-9.3-7.9-6.4-1.9-  
Trade Balance (USD billion)-23.4-23.6-21.2-14.7-17.8
Exports (USD billion)21.422.020.518.718.9
Imports (USD billion)44.845.641.733.436.7
Exports (annual variation in %)-0.92.9-7.0-8.91.3
Imports (annual variation in %)1.41.8-8.7-19.89.8
International Reserves (USD)17.319.020.523.025.3
External Debt (% of GDP)34.937.938.943.4-  

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Morocco Facts

ValueChangeDate
Bond Yield3.700.0 %Jan 31
Exchange Rate9.20-0.29 %Feb 22
Stock Market13,195-0.23 %Feb 22

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