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, olives, sugar beets, potatoes, tomatoes, tangerines/mandarins, oranges, apples, onions (2022).
More about the economy of Morocco
| Labor force | 12.284 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.34% (2023 est.) |
| Industries | automotive parts, phosphate mining and processing, aerospace, food processing, leather goods, textiles, construction, energy, tourism |
| Population below poverty line | |
| Taxes and other revenues | 22.11% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Moroccan dirhams (MAD) per US dollar - |
| 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.) |
| Exchange rates 2019 | 9.617 (2019 est.) |
| Debt - external | |
| Debt - external 2023 | $44.353 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $36.328 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $32.314 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $35.648 billion (2021 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 2017 | 65.1% of GDP (2017 est.) |
| Budget | |
| Revenues | $35.356 billion (2022 est.) |
| Expenditures | $36.939 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 8.14% of GDP (2023 est.) |
| Remittances 2022 | 8.53% of GDP (2022 est.) |
| Remittances 2021 | 7.68% 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 18%, France 10%, China 10%, US 6%, Saudi Arabia 6% (2022) |
| Comodities Imports force | refined petroleum, wheat, natural gas, coal, vehicle parts/accessories (2022) |
| 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 18%, France 17%, India 6%, Italy 5%, Brazil 4% (2022) |
| Comodities Exports force | fertilizers, cars, garments, insulated wire, phosphoric acid (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $339.603 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $328.425 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $323.485 billion (2021 est.) |
| GDP (official exchange rate) | $144.417 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $8,900 (2023 est.) |
| Real GDP per capita 2022 | $8,700 (2022 est.) |
| Real GDP per capita 2021 | $8,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 11.1% (2023 est.) |
| Industry | 24.6% (2023 est.) |
| Services | 54.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 61.4% (2023 est.) |
| Government consumption | 18.1% (2023 est.) |
| Investment in fixed capital | 25.4% (2023 est.) |
| Investment in inventories | 3.4% (2023 est.) |
| Exports of goods and services | 42.8% (2023 est.) |
| Imports of goods and services | -51% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 9.11% (2023 est.) |
| Unemployment rate 2022 | 9.53% (2022 est.) |
| Unemployment rate 2021 | 10.54% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 22.6% (2023 est.) |
| Male | 22.5% (2023 est.) |
| Female | 23% (2023 est.) |
All Important Facts about Morocco
Want to know more about Morocco? Check all different factbooks for Morocco below.
