Blue buildings in Morocco

Morocco Economic Data & Projections

Morocco Economic Outlook

A diversified economy with strong export sectors:

Morocco has a relatively diversified economy compared to its North African peers, with key industries including agriculture, manufacturing, and tourism. The country is a major exporter of phosphates, automobiles, and textiles, with strong trade ties to Europe. The government has also invested heavily in renewable energy, particularly solar and wind power, to reduce dependence on imported energy.

Tourism and infrastructure development:

Tourism is a crucial contributor to Morocco’s economy, with cities like Marrakech, Casablanca, and Fez attracting millions of visitors annually. The government has also prioritized infrastructure projects, including high-speed rail and port expansions, to boost economic competitiveness. However, the COVID-19 pandemic disrupted tourism and trade, slowing growth in recent years.

Economic challenges and unemployment:

While Morocco has made progress in economic reforms, it still faces challenges such as high unemployment, particularly among youth. The informal economy remains large, limiting tax revenues and social security contributions. Additionally, water scarcity and climate change pose risks to the agricultural sector, which employs a significant portion of the population.

Morocco’s economic outlook:

Morocco’s’ economy is expected to expand steadily, supported by continued investment in industry, tourism, and renewable energy. Government reforms to improve the business climate and attract foreign investment will be key to long-term growth. However, addressing unemployment and improving labor market conditions will be necessary for more inclusive economic development.

Morocco's Macroeconomic Analysis:

Nominal GDP of USD 144 billion in 2023.

GDP per capita of USD 3,901 compared to the global average of USD 10,589.

Average real GDP growth of 2.6% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2022, services accounted for 54% of overall GDP, manufacturing 15%, other industrial activity 19%, and agriculture 12%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2023, government consumption 19%, fixed investment 28%, and net exports -9%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2020, manufactured products made up 75% of total merchandise exports, mineral fuels 1%, food 19%, ores and metals 4% and agricultural raw materials 1%, with other categories accounting for 0% of the total. In the same period, manufactured products made up 62% of total merchandise imports, mineral fuels 17%, food 14%, ores and metals 4% and agricultural raw materials 1%, with other goods accounting for 2% of the total. Total exports were worth USD 36 billion in 2023, while total imports were USD 61 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 2.6% in the decade to 2023. To read more about GDP growth in Morocco, go to our dedicated page.

Fiscal policy

Morocco's fiscal deficit averaged 4.6% of GDP in the decade to 2024. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 10.9% in the decade to 2024. For more information on Morocco's unemployment click here.

Inflation

Inflation averaged 2.0% in the decade to 2024. Go to our Morocco inflation page for extra insight.

Monetary Policy

Morocco's monetary policy rate ended 2024 at 2.50%, on the same level as a decade earlier. See our Morocco monetary policy page for additional details.

Exchange Rate

From end-2014 to end-2024 the dirham weakened by 9.9% vs the U.S. dollar. For more info on the dirham, click here.

Economic situation in Morocco

As anticipated by our Consensus, annual GDP growth waned in Q4, to 3.0% from 4.3% in Q3 according to preliminary estimates from the statistical office. The moderation was due to softer total investment and private consumption growth. Shifting Q1 2025, the economy should be expanding at a faster clip than in Q4, according to both our Consensus and the statistical office. Q1’s quicker rise will be underpinned by faster growth in exports. That said, this projection for GDP hinges on the weather due to its importance for the agricultural sector, which accounts for around 12% of GDP. The rainy season (November–March) isn’t off to a great start, and large parts of the country are still experiencing severe drought. In other news, in late January, the country’s investment minister announced Morocco had approved USD 9.4 billion in projects since late 2022, boding well for employment.

Morocco Economic Forecasts

Projections out to 2034.

46 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 17 expert analysts.

Want to get insight on the economic outlook for Morocco in the coming years? FocusEconomics collects projections out to 2034 on 46 economic indicators for Morocco from a panel of 17 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Morocco economy. To download a sample report on the Morocco's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Morocco Economic Indicators

2020 2021 2022 2023 2024
Population (million) 36.0 36.3 36.7 37.0 37.4
GDP (USD bn) 121 142 131 144 -
GDP per capita (USD) 3,377 3,909 3,569 3,901 -
GDP (MAD bn) 1,152 1,277 1,331 1,463 -
Economic Growth (Nominal GDP, ann. var. %) -7.0 10.8 4.2 10.0 -
Economic Growth (GDP, ann. var. %) -7.2 8.0 1.4 3.8 3.2
Private Consumption (ann. var. %) -5.6 6.9 -0.7 4.3 3.5
Government Consumption (ann. var. %) -0.6 7.2 3.3 3.8 4.1
Fixed Investment (ann. var. %) -10.0 7.5 -4.0 1.9 -
Exports (G&S, ann. var. %) -15.0 7.9 20.4 8.9 8.6
Imports (G&S, ann. var. %) -11.9 10.4 9.0 7.8 13.0
Industrial Production (ann. var. %) -6.3 6.7 0.8 2.0 5.5
Unemployment (% of active population, aop) 11.9 12.4 11.9 13.0 13.4
Fiscal Balance (% of GDP) -7.1 -6.0 -5.4 -4.4 -4.3
Public Debt (% of GDP) 72.2 69.4 71.5 - -
Money (ann. var. of M2 %) 10.2 6.1 9.1 6.8 8.1
Inflation (CPI, ann. var. %, eop) -0.6 3.2 8.3 3.4 0.7
Inflation (CPI, ann. var. %, aop) 0.4 1.3 6.7 6.1 1.0
Key Rate (%, eop) 1.50 1.50 2.50 3.00 2.50
Exchange Rate (MAD per USD, eop) 8.90 9.25 10.46 9.87 10.13
Exchange Rate (MAD per USD, aop) 9.49 8.99 10.17 10.13 9.94
Current Account Balance (USD bn) -1.4 -3.1 -4.7 -0.9 -2.2
Current Account Balance (% of GDP) -1.2 -2.2 -3.6 -0.6 -
Merchandise Trade Balance (USD bn) -15.5 -19.7 -26.5 -25.1 -27.2
Merchandise Exports (USD bn) 23.6 31.8 36.5 36.3 39.2
Merchandise Imports (USD bn) 39.1 51.5 63.0 61.4 66.5
Merchandise Exports (ann. var. %) -4.4 34.9 14.6 -0.5 8.0
Merchandise Imports (ann. var. %) -12.0 31.6 22.3 -2.5 8.2
Foreign Direct Investment (USD bn) 1.4 2.3 2.3 1.1 -
International Reserves (USD bn) 36.0 35.6 32.2 36.3 37.0
International Reserves (months of imports) 11.0 8.3 6.1 7.1 6.7
External Debt (USD bn) 61.7 67.1 66.6 67.5 -
External Debt (% of GDP) 50.8 47.3 50.9 46.8 -
Free Sample Report

Interested in Morocco economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen