Morocco - Economy
How is the economy of Morocco? Based on the information we have, Morocco has a lower middle-income North African economy; ongoing recovery from recent drought and earthquake; rebounding via tourism, manufacturing, and raw materials processing; significant trade and investment with EU; reform programs include fiscal rebalancing, state enterprise governance and private sector investments. Key agricultural products in this country include: wheat, milk, potatoes, sugar beets, tomatoes, barley, olives, apples, tangerines/mandarins, onions (2023).
More about the economy of Morocco
| Labor force | 12.475 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5% (2024 est.) |
| Industries | automotive parts, phosphate mining and processing, aerospace, food processing, leather goods, textiles, construction, energy, tourism |
| Population below poverty line | 3.9% (2022 est.) |
| Taxes and other revenues | 21% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Moroccan dirhams (MAD) per US dollar - |
| Exchange rates 2024 | 9.942 (2024 est.) |
| Exchange rates 2023 | 10.131 (2023 est.) |
| Exchange rates 2022 | 10.161 (2022 est.) |
| Exchange rates 2021 | 8.988 (2021 est.) |
| Exchange rates 2020 | 9.497 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $42.262 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $37.134 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $36.328 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $32.314 billion (2022 est.) |
| Current account balance | |
| Current account balance 2023 | -$891.222 million (2023 est.) |
| Current account balance 2022 | -$4.8 billion (2022 est.) |
| Current account balance 2021 | -$3.349 billion (2021 est.) |
| Public debt | |
| Public debt 2016 | 64.9% of GDP (2016 est.) |
| Budget | |
| Revenues | $38.458 billion (2023 est.) |
| Expenditures | $44.819 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 8.1% of GDP (2023 est.) |
| Remittances 2022 | 8.5% of GDP (2022 est.) |
| Remittances 2021 | 7.7% of GDP (2021 est.) |
| Average household expenditures | |
| On food | 34.5% of household expenditures (2023 est.) |
| On alcohol and tobacco | 2.1% of household expenditures (2023 est.) |
| Imports | |
| Imports 2023 | $73.759 billion (2023 est.) |
| Imports 2022 | $73.81 billion (2022 est.) |
| Imports 2021 | $60.215 billion (2021 est.) |
| Imports (partners) | Spain 16%, China 11%, France 10%, USA 9%, Turkey 5% (2023) |
| Comodities Imports force | refined petroleum, cars, vehicle parts/accessories, natural gas, coal (2023) |
| Exports | |
| Imports 2023 | $73.759 billion (2023 est.) |
| Imports 2022 | $73.81 billion (2022 est.) |
| Imports 2021 | $60.215 billion (2021 est.) |
| Exports (partners) | Spain 20%, France 17%, Germany 6%, UK 5%, Italy 4% (2023) |
| Comodities Exports force | fertilizers, cars, garments, insulated wire, tomatoes (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $350.594 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $339.603 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $328.425 billion (2022 est.) |
| GDP (official exchange rate) | $154.431 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $9,100 (2024 est.) |
| Real GDP per capita 2023 | $8,900 (2023 est.) |
| Real GDP per capita 2022 | $8,700 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 10.1% (2024 est.) |
| Industry | 24.1% (2024 est.) |
| Services | 54.1% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 61.3% (2024 est.) |
| Government consumption | 18% (2024 est.) |
| Investment in fixed capital | 26.1% (2024 est.) |
| Investment in inventories | 3.8% (2024 est.) |
| Exports of goods and services | 43.3% (2024 est.) |
| Imports of goods and services | -52.5% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 9% (2024 est.) |
| Unemployment rate 2023 | 9.1% (2023 est.) |
| Unemployment rate 2022 | 9.5% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22.1% (2024 est.) |
| Male | 22% (2024 est.) |
| Female | 22.4% (2024 est.) |
All Important Facts about Morocco
Want to know more about Morocco? Check all different factbooks for Morocco below.
