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.
Nominal GDP of USD 144 billion in 2023.
Nominal GDP of USD 144 billion in 2023.
GDP per capita of USD 3,901 compared to the global average of USD 10,589.
GDP per capita of USD 3,901 compared to the global average of USD 10,589.
GDP per capita of USD 3,901 compared to the global average of USD 10,589.
Average real GDP growth of 2.5% over the last decade.
Average real GDP growth of 2.6% over the last decade.
Average real GDP growth of 2.5% over the last decade.
Sector Analysis
In 2022, services accounted for 53.9% of overall GDP, manufacturing 14.5%, other industrial activity 19.6%, and agriculture 12.0%. Looking at GDP by expenditure, private consumption accounted for 61.6% of GDP in 2023, government consumption 18.7%, fixed investment 28.0%, and net exports -8.3%.International trade
In 2023, manufactured products made up 74.7% of total merchandise exports, mineral fuels 1.2%, food 18.9%, ores and metals 4.4% and agricultural raw materials 0.6%, with other categories accounting for 0.2% of the total. In the same period, manufactured products made up 62.3% of total merchandise imports, mineral fuels 17.0%, food 14.0%, ores and metals 4.4% and agricultural raw materials 1.2%, with other goods accounting for 1.1% of the total. Total exports were worth USD 39.20 billion in 2024, while total imports were USD 66.50 billion.Main Economic Indicators
Economic growthThe 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 projected by our Consensus, the economy expanded at a faster year-on-year clip in Q1 2025 compared to Q4, according to the statistical office’s early projections. The agency said that wage increases and income tax cuts lent the necessary support for household spending to remain robust in Q1, defying higher inflationary pressures. Additionally, a smaller detraction from the external sector added impetus to the upturn. Goods exports growth more than doubled from Q4 in Q1 and tourist arrivals were up 22% in January–March from a year ago. Looking at production data, increases in the services and extractive industries were the engines of growth in Q1. Moving to Q2, our Consensus is for GDP growth to hit an over three year-high. Available data so far is upbeat: In April, inflation was mild, likely supporting household spending, and merchandise exports grew strongly.Morocco Economic Forecasts
Projections out to 2034.46 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 18 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 18 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.