Morocco Economy
Is Morocco a wealthy country?
Economic Overview: Morocco has experienced steady economic growth over the past few decades, driven by diversified sectors such as agriculture, tourism, manufacturing, and services. According to the World Bank, the Moroccan economy expanded by an average of 4% annually in the decade leading up to 2022, displaying resilience despite global economic uncertainties.
Key Sectors: Agriculture: Agriculture remains a cornerstone of the Moroccan economy, employing a significant portion of the population and contributing to both GDP and exports. The country is a major producer of cereals, citrus fruits, vegetables, and olives, with a strong focus on modernizing agricultural practices and improving productivity.
Tourism: Morocco's enchanting landscapes, rich history, and vibrant culture make it a popular destination for tourists worldwide. The tourism sector contributes significantly to GDP and employment, and investments in infrastructure and promotion campaigns aim to further bolster the industry.
Manufacturing: Morocco has emerged as a manufacturing hub, particularly in sectors such as automotive, aerospace, textiles, and electronics. The country's strategic location, skilled labor force, and preferential trade agreements have attracted foreign investment, establishing numerous industrial zones and export-oriented industries.
Services: The services sector, encompassing finance, telecommunications, and retail, is vital in driving economic growth and employment generation. Casablanca, Morocco's economic capital, hosts a thriving financial district and a regional hub for trade and commerce.
Recent Developments: In recent years, Morocco has undertaken various reforms to enhance its business environment, attract investment, and promote sustainable development. Initiatives such as the National Pact for Industrial Emergence and the Green Morocco Plan aim to stimulate economic diversification, improve infrastructure, and boost competitiveness.
Morocco Economy Data
What is the GDP of Morocco?
| Currency Name and Code | Moroccan Dirham (MAD) |
| GDP - Gross Domestic Product (PPP) | $259,420,000,000 (USD) |
| GDP - official exchange rate | $103,100,000,000 (USD) |
| GDP - real growth rate | 4.9% |
| GDP Per Capita | $8,300.00 (USD) |
| GDP by Sector- agriculture | 13.8% |
| GDP by Sector- Industry | 29% |
| GDP by Sector- services | 57.2% |
| GDP - composition, by end use |
household consumption: 60.2% government consumption: 19.1% investment in fixed capital: 28.5% investment in inventories: 2.6% exports of goods and services: 34.4% imports of goods and services: -44.8% |
| Population Below Poverty Line | 15% |
| Inflation Rate | 2.5% |
| Labor Force | 11,630,000 |
| Labor Force By Occupation- agriculture | 44.6% |
| Labor Force By Occupation- industry | 19.8% |
| Labor Force By Occupation- services | 35.5% |
| Unemployment Rate | 9.8% |
| Fiscal Year | calendar year |
| Annual Budget | $23,420,000,000 (USD) |
| Budget Surplus or Deficit - percent of GDP | -8% |
| Public Debt (% of GDP) | 72.3% |
| Taxes and other revenues - percent of GDP | 24.9% |
| Major Industries | phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism |
| Industrial Growth Rate | 4.4% |
| Agriculture Products | barley, wheat, citrus, wine, vegetables, olives; livestock |
| Exchange Rate per US Dollar | Moroccan dirham (MAD) |
| Child Labor - % of children ages 5-14 | 8% |
| Child Labor - # of children ages 5-14 | 500,960 |
| Commercial Bank Prime Lending Rate | 6.3% |