Economic Trends/Outlook in Morocco

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Economic Overview

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.

Main Indicators 2009 2010 2011 2012 2013
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.

For more detailed background on Industries in Morocco, click here.

Indicator of Economic Freedom

Mostly unfree
World Rank:
Regional Rank:

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation


Country Risk

See the Country Risk Analysis Provided By Ducroire.


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Experts Views (1)
  • Morocco - Overview

    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

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