Back اقتصاد المغرب Arabic Privreda Maroka BS Economia del Marroc Catalan Wirtschaft Marokkos German Economía de Marruecos Spanish اقتصاد مراکش Persian Économie du Maroc French Economía de Marrocos Galician Gospodarstvo Maroka Croatian Մարոկկոյի տնտեսություն Armenian

Economy of Morocco

Economy of Morocco
Casablanca Economic Capital of Morocco
CurrencyMoroccan dirham (MAD)
Calendar year
Trade organisations
AU, AfCFTA (signed), WTO, AMU, CAEU, ECOWAS
Country group
Statistics
PopulationIncrease 37,112,085 (2020)[3]
GDP
Increase$157.4 billion (nominal, 2024)[4]

Increase$420.32 billion (PPP, 2024)[4]

GDP rank
GDP growth
  • 1.1% (2022)[4]
  • 3.3% (2023)[4]
  • 4.6% (2024)[4]
GDP per capita
Increase$4,210 (nominal, 2024)[4]

Increase$14,930 (PPP, 2024)[4]

GDP per capita rank
GDP by sector
  • agriculture: 14.7%
  • industry: 19.2%
  • services: 36.0%
  • (2017 est.)
6.7% (2024)[4]
Population below poverty line
  • 4.8% (2013)[5]
  • 5% on less than $3.65/day (2013)[6]
39.5 medium (2013)[7]
Labour force
  • Increase 12,284,010 (2023)[10]
  • Decrease 62.2% employment rate (2016)[11]
Labour force by occupation
Unemployment16.9% (2019)[12]
Main industries
Phosphates, rock mining and processing, high tech, food processing, leather goods, textiles, construction, tourism, automobile manufacturing
External
ExportsIncrease $15.7billion (FY2023)[13]
Export goods
clothing and textiles, automobiles, aircraft parts, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
Main export partners
ImportsIncrease $78.9 billion (FY2022)[13]
Import goods
Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics.
Main import partners
FDI stock
  • Increase $63.17 billion (31 December 2017 est.)[15]
  • Increase Abroad: $5.351 billion (31 December 2017 est.)[15]
Increase −$3.92 billion (2017 est.)[15]
$45.72 billion (31 December 2017 est.)
Public finances
Negative increase 65.1% of GDP (2017 est.)[15]
−3.5% (of GDP) (2017 est.)[15]
Revenues$40.90 billion (2022 est.)
Expenses$41.53 billion (2022 est.)
Economic aid$1.5 billion (2013)
$33 billion (April 2021)[19]
All values, unless otherwise stated, are in US dollars.


The economy of Morocco is considered a relatively liberal economy, governed by the law of supply and demand. Since 1993, in line with many Western world changes, Morocco has followed a policy of privatisation.[20] Morocco has become a major player in African economic affairs,[21] and is the 5th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the most competitive economy in North Africa, in its African Competitiveness Report 2014–2015 Archived 19 January 2022 at the Wayback Machine.[22]

The economic system of the country demonstrated resilience to the climate, commodity, and pandemic shocks of the early 2020s.[23] As of 2022, Morocco had the eighth-highest GDP in the Arab world,[24] despite not being an significant oil-producing country.[25] Since the early-1980s, the Moroccan government has pursued an economic programme toward accelerating economic growth with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors. From 2018,[26] the country's currency, the Moroccan dirham, is fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatised.

The services sector accounts for just over half of the GDP. The industry sector– consisting of mining, construction and manufacturing – is an additional quarter. The sectors that recorded the highest growth are the tourism, telecommunications, and textile sectors. Morocco, however, still depends to an inordinate degree on agriculture, which accounts for around 14% of GDP but employs 40–45% of the Moroccan population. With a semi-arid climate, it is difficult to assure good rainfall and Morocco's GDP varies depending on the weather. Fiscal prudence has allowed for consolidation, with both the budget deficit and debt falling as a percentage of GDP. The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism. Sales of fish and seafood are important as well. Industry and mining contribute about one-third of the annual GDP. Morocco is the world's third-largest producer of phosphates (after the United States and China), and the price fluctuations of phosphates on the international market greatly influence Morocco's economy. Tourism and workers' remittances have played a critical role since independence. The production of textiles and clothing is part of a growing manufacturing sector that accounted for approximately 34% of total exports in 2002, employing 40% of the industrial workforce. The government wishes to increase 3 exports from $1.27 billion in 2001 to $3.29 billion in 2010 and has raised this to 5.7 billion in 2019.

The high cost of imports, especially of petroleum imports, is a major problem. Morocco suffers both from structural unemployment and a large external debt.[27] The youth unemployment rate was 27.2% in 2021. About 80% of jobs are informal and the income gaps are very high. In 2021, Morocco ranked 123rd out of 191 countries in the world on the Human Development Index (HDI), behind Algeria (91st) and Tunisia (97th). It is the most unequal country in North Africa according to the NGO Oxfam.[28]

  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Archived from the original on 22 December 2019. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". World Bank. Archived from the original on 28 October 2019. Retrieved 29 September 2019.
  3. ^ "Population, total – Morocco". World Bank. Archived from the original on 30 December 2019. Retrieved 15 November 2019.
  4. ^ a b c d e f g h "World Economic Outlook Database, October 2024". IMF.org. International Monetary Fund. Archived from the original on 11 October 2023. Retrieved 3 February 2020.
  5. ^ "Poverty headcount ratio at national poverty lines (44.6% of population) – Morocco". World Bank. Archived from the original on 3 February 2020. Retrieved 3 February 2020.
  6. ^ "Poverty headcount ratio at $3.65 a day (2017 PPP) (% of population) – Morocco". World Bank. Archived from the original on 20 January 2022. Retrieved 3 February 2020.
  7. ^ "GINI index (World Bank estimate)". World Bank. Archived from the original on 5 May 2019. Retrieved 5 May 2019.
  8. ^ "Human Development Index (HDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 19 March 2022. Retrieved 22 November 2022.
  9. ^ "Inequality-adjusted Human Development Index (IHDI)". hdr.undp.org. HDRO (Human Development Report Office) United Nations Development Programme. Archived from the original on 12 December 2020. Retrieved 22 November 2022.
  10. ^ "Labor force, total – Morocco". World Bank. Archived from the original on 3 February 2020. Retrieved 7 July 2024.
  11. ^ "Employment to population ratio, 15-, total (%) (national estimate) – Morocco". World Bank. Archived from the original on 3 February 2020. Retrieved 3 February 2020.
  12. ^ "Morocco Unemployment rate". Archived from the original on 2 December 2022. Retrieved 7 August 2015.
  13. ^ a b "Morocco (MAR) Exports, Imports, and Trade Partners" (in French). Office des Changes. Archived from the original on 21 March 2023. Retrieved 6 March 2023.
  14. ^ a b "Foreign trade partners of Morocco". The Observatory of Economic Complexity. Archived from the original on 5 April 2023. Retrieved 18 June 2021.
  15. ^ a b c d e "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 2 December 2022. Retrieved 28 May 2019.
  16. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 26 June 2015. Retrieved 26 May 2011.
  17. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Archived from the original on 1 August 2013. Retrieved 31 May 2011.
  18. ^ "Scope affirms and publishes Morocco BB+ credit rating with Stable Outlook". Archived from the original on 3 October 2023. Retrieved 9 September 2023.
  19. ^ "International Reserves and Foreign Currency Liquidity – MOROCCO". International Monetary Fund. 20 May 2011. Archived from the original on 28 February 2017. Retrieved 31 May 2011.
  20. ^ Leonard, Thomas M. (2006). Encyclopedia of the Developing World. Taylor & Francis. p. 1085. ISBN 0-415-97663-4.
  21. ^ "Morocco major economic player in Africa, researcher". moroccobusinessnews.com. Archived from the original on 4 March 2016. Retrieved 30 August 2018.
  22. ^ "The World Economic Forum". The World Economic Forum – Error 404. Archived from the original on 13 December 2010. Retrieved 11 June 2015.
  23. ^ "Morocco's Economy Has Become More Resilient". World Bank. 24 November 2023. Retrieved 20 June 2024.
  24. ^ "GDP (current US$) - Arab World". World Bank (in Latin). Retrieved 20 June 2024.
  25. ^ "Countries & Regions: Morocco". International Energy Agency. 15 February 2024. Retrieved 20 June 2024.
  26. ^ "RFI". Radio France Internationale. 16 January 2018. Archived from the original on 12 October 2018. Retrieved 11 October 2018.
  27. ^ "Economy – Morocco – import, problem, growth, crops, annual, sector". Archived from the original on 25 July 2015. Retrieved 11 June 2015.
  28. ^ "Le Maroc, pays le plus inégalitaire d'Afrique du Nord". Le Monde.fr. 1 May 2019. Archived from the original on 3 May 2019. Retrieved 4 May 2019 – via Le Monde.

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