Includes Morocco real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Morocco economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Morocco best banks and safest banks are also available.
Basic Information
Government Type: Parliamentary constitutional monarchy
Capital City: Rabat
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank |
Central Bank of Morocco |
|---|---|
| Currency |
Moroccan dirhams (MAD) |
| International Reserves |
USD 36.00 billion (2020) World Bank, last updated 12/16/2021 |
| Gross Domestic Product – GDP |
USD 126.04 billion (2021 estimate) |
| GDP (Purchasing Power Parity) |
USD 302.77 billion (2021 estimate) |
GDP Data
| Real GDP growth |
2016: 3.1% 2017: 3.1% 2018: 2.6% 2019: -6.3%* 2020: 5.7%* *Estimate |
|---|---|
| GDP per capita – current prices |
USD 3,470.80 (2021 estimate) |
| GDP per capita – PPP |
USD 8,337.66 (2021 estimate) |
| GDP (PPP) – share of world total |
USD 0.21% (2021 estimate) |
| GDP – composition by sector |
agriculture: 12.2% industry: 25.3% services: 51.2% (2016 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2016: 0.7% 2017: 1.6% 2018: 0.2% 2019: 0.6%* 2020: 1.4%* *Estimate |
Morocco
Economics, Policy & Regulation
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Emerging & Frontier Markets
Morocco: Looking Toward Private Sector GrowthInflation & Debt
| Inflation |
2016: 0.7% 2017: 1.6% 2018: 0.2% 2019: 0.6%* 2020: 1.4%* *Estimate |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: BBB– Moody’s: N/A Standard & Poor’s / Moody’s (January 2022) |
| Unemployment rate |
2017 13.7% 2018 12.3% 2019 11.5% 2020* 11.7% 2021* 12% *Estimate |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2016: 65.1% 2017: 65.2% 2018: 65.1% 2019: 75.4%* 2020: 75.8%* *Estimate |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2016: -0.9% 2017: -1.3% 2018: -1.5% 2019: -5.1%* 2020: -4.1%* *Estimate |
| Market value of publicly traded shares |
USD 65.6 billion (2020) |
| Largest Companies |
Attijariwafa Bank, Maroc Telecom, Banque Centrale Populaire |
Import/Export
| Exports as percent of GDP (Exports of goods and services) |
34.3% (2015) |
|---|---|
| Shares in world total merchandising export |
0.1% (2015) |
| Shares in world total commercial services export |
0.3% (2015) |
| Total exports |
USD 18.7 billion (2016 estimate) |
| Export commodities |
Clothing and textiles, automobiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish |
| Total imports |
USD 33.2 billion (2016 estimate) |
| Import commodities |
Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics |
| Exports – major partners |
Spain 22.1%, France 19.7%, India 4.9%, US 4.3%, Italy 4.3% (2015) |
| Imports – major partners |
Spain 13.9%, France 12.4%, China 8.5%, US 6.5%, Germany 5.8%, Italy 5.5%, Russia 4.4%, Turkey 4.3% (2015) |
Competitiveness & Trade
| Current account balance |
USD -1.5 billion (2017 estimate) |
|---|---|
| Current account balance by percentage of GDP |
-1.4% (2017 estimate) |
| FDI inflows |
2013: USD 3,298 million 2014: USD 3,561 million 2015: USD 3,162 million |
| FDI Outflows |
2013: USD 332 million 2014: USD 436 million 2015: USD 649 million |
| Value of cross-border M&A, by country of purchaser |
N/A United Nations Conference on Trade and Development (UNCTAD) – World Investment Report |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 68 out of 190 countries (2017) Subcategories: Starting a business: 40 out of 190 countries Enforcing Contracts: 57 out of 190 countries Registering Property: 87 out of 190 countries Getting Credit: 101 out of 190 countries Protecting Minority Investors: 87 out of 190 countries Trading Across Borders: 63 out of 190 countries Paying Taxes: 41 out of 190 countries Dealing with Construction Permits: 18 out of 190 countries Getting Electricity: 57 out of 190 countries Resolving Insolvency: 131 out of 190 countries |
| Global competitiveness ranking |
70 out of 138 countries (2016-2017) |
| Index of Economic Freedom |
Ranking: 85 / Score: 61.27 (Moderately free) (2016) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Time Zone |
UTC 0 |
|---|---|
| Total Area | 446,550 sq km |
| Total Population |
1990: 24.043 million 2000: 28.466 million 2010: 31.851 million 2016: 33.827 million* 2021: 35.427 million* *Estimate |
| Urban population as % of total population |
1960: 29% 1980: 41% 2000: 53% 2015: 60% |
| Population median age |
28.9 years (2016 estimate) |
| Population growth rate | 0.99% (2016 estimate) |
| Life expectancy |
76.9 years (2016 estimate) |
| % of population living on less than $3.10 a day | N/A |
| Inequality of wealth distribution (Gini index) | N/A |
| Freedom House rating |
Political Rights: 5 Civil Liberties: 4 (2017) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed 6.55% Mobile 126.87% (2015) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population |
57.08% (2015) |
Language & Religon
| Languages |
Arabic (official), Berber languages (Tamazight (official), Tachelhit, Tarifit), French (often the language of business, government, and diplomacy) |
|---|---|
| Literacy |
Total population: 68.5% Male: 78.6% Female: 58.8% (2015 est.) (age 15 and over can read and write) |
| Religions |
Muslim 99% (official; virtually all Sunni, <0.1% Shia), other 1% (includes Christian, Jewish, and Baha'i); note – Jewish about 6,000 (2010 est.) |
World Rankings
| Population | 35.427 M |
|---|---|
| Mercer Cost of living index |
Casablanca: 130th (2016) |
| C02 Emissions per capita |
1.8 (2013) |
Global Finance Rankings & Awards: Morocco
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000