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 0.96% (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 22.12% (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 2022 $36.29 billion (2022 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 2022 -$4.775 billion (2022 est.)
Current account balance 2021 -$3.349 billion (2021 est.)
Current account balance 2020 -$1.368 billion (2020 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 8.6% of GDP (2023 est.)
Remittances 2022 8.53% of GDP (2022 est.)
Remittances 2021 7.69% of GDP (2021 est.)
Average household expenditures
On food 33.9% of household expenditures (2022 est.)
On alcohol and tobacco 1.4% of household expenditures (2022 est.)
Imports
Imports 2022 $73.783 billion (2022 est.)
Imports 2021 $60.215 billion (2021 est.)
Imports 2020 $46.358 billion (2020 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 2022 $73.783 billion (2022 est.)
Imports 2021 $60.215 billion (2021 est.)
Imports 2020 $46.358 billion (2020 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 $337.48 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $327.085 billion (2022 est.)
Real GDP (purchasing power parity) 2021 $323.02 billion (2021 est.)
GDP (official exchange rate) $141.109 billion (2023 est.)
Real GDP Per capita
Real GDP per capita 2023 $8,800 (2023 est.)
Real GDP per capita 2022 $8,600 (2022 est.)
Real GDP per capita 2021 $8,600 (2021 est.)
GDP - composition, by sector of origin
Agriculture 12% (2023 est.)
Industry 23.8% (2023 est.)
Services 53.9% (2023 est.)
GDP - composition, by end use
Household consumption 61.6% (2023 est.)
Government consumption 18.7% (2023 est.)
Investment in fixed capital 27% (2023 est.)
Investment in inventories 1% (2023 est.)
Exports of goods and services 44% (2023 est.)
Imports of goods and services -52.3% (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.

Morocco is found in Northern Africa