Economic Trends/Outlook in Morocco
During the last few years, the Moroccan economy has been characterized by macro-economic stability, coupled with low inflation and a relatively slow economic growth. The government continues to adopt economic reforms and pursue the economic liberalization drive in order to stimulate growth and create jobs. Morocco grew by about 4% over 2010, thanks to the recovery of tourism, remittances and also the resumption of non-agricultural sector. The kingdom is also trying to diversify its economy in order to no longer depend exclusively on agriculture and emphasize areas such as offshoring in order to boost its economic growth.
The GDP growth rate is having trouble stabilizing. Nevertheless, the soundness of the essential economy of Morocco and the increasing attractiveness of the Sharifian kingdom ensure that despite the financial crisis, the country will still show GDP growth in the coming years. Nevertheless, this growth will be insufficient to diminish poverty and reduce the significant rate of unemployment (10%), especially in some age brackets, such as the 15-24 years olds.
Budgetary deficit remains relatively sustainable, which ensures the country's credibility on the markets. The foreign debt is nevertheless considerabel and the poverty rate remains amongs the highest in the Mediterranean.
|GDP (billions USD)||91.37e||103.48e||100.32e||107.53e||115.41e|
|GDP (Constant Prices, Annual % Change)||4.9e||3.2e||3.9e||4.6e||4.9e|
|GDP per Capita (USD)||2,899e||3,249e||3,117e||3,306e||3,513e|
|General Government Gross Debt (in % of GDP)||47.7||49.9e||52.8e||53.8e||54.0e|
|Inflation Rate (%)||1.0||1.0e||2.9e||2.9e||2.9e|
|Unemployment Rate (% of the Labor Force)||9.1||9.0e||8.9e||8.7e||8.6e|
|Current Account (billions USD)||-4.57e||-4.69e||-4.35e||-3.97e||-|
|Current Account (in % of GDP)||-5.0e||-5.0e||-4.4e||-3.7e||-|
Source: IMF - World Economic Outlook Database
Note: (e) Estimated Data
Main Sectors of Industry
Thanks to the richness of Morocco's soil, the agricultural sector is dominant, employing almost half of the active population and contributing around 20% to the GDP. Grains, fruits and vegetables are the country's main crops. Economic growth relies excessively on this sector.
Morocco has little by way of mineral resources; phosphates being its main wealth. Industry contributes around one-third of the GDP, thanks to the textiles, leather goods, food processing, oil refining and electronic assembling sectors. New industry areas are nevertheless booming as well and thus trying to diminish the kingdom's dependence on its agricultural sector: the chemical, automotive, computer, electronics nad aeronautic industry.
The tertiary sector contributes around 50% of the GDP and depends exclusively on tourism, which remains very dynamic despite the economic slowdown brought about by the attacks of September 11, 2001 and those of May 2003 in Casablanca. Other than granting concessions for a lot of public services in the major towns, the country recently liberalized oil and gas exploration regulations. Calls for tender procedures have become increasingly transparent.
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||43.3||20.3||36.3|
|Value Added (in % of GDP)||16.4||28.5||55.1|
|Value Added (Annual % Change)||29.8||-0.8||0.7|
Source: World Bank - Last Available Data.
Indicator of Economic Freedom
- Mostly unfree
- World Rank:
- Regional Rank:
Sources of General Economic Information
Department for Finances
Department for Equipment and Transport
Department of Trade and Industry and New Technologies
Department of Energy and Mines
Department of Tourism
Department of Economic and General Affairs
Overseas Trade Department
- Statistical Office
High Commissioner for Planning
- Central Bank
- Stock Exchange
Casablanca stock exchange
- Other Useful Resources
- Main Online Newspapers
- Economic Portals
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Morocco is one of the few countries in North Africa not having widespread protests, thanks to timely political reforms which helped the country avoid the political backlash of Arab Spring.
Hong Kong Trade Development Council (HKTDC) on 30 Jul 2012 related to Economic Trends/Outlook in Morocco
Government Trade Promotion, Hong Kong SAR