Economy - overview:
Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness.In the 1980s, Morocco was a heavily indebted country before pursuing austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment, although poor harvests and economic difficulties in Europe contributed to an economic slowdown. To boost exports, Morocco entered into a bilateral Free Trade Agreement with the US in 2006 and an Advanced Status agreement with the EU in 2008. In late 2014, Morocco eliminated subsidies for gasoline, diesel, and fuel oil, dramatically reducing outlays that weighted on the country’s budget and current account. Subsidies on butane gas and certain food products remain in place. Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030.Despite Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas. Key economic challenges for Morocco include reforming the education system and the judiciary.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$300.1 billion (2017 est.)
$286.3 billion (2016 est.)
$282.9 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 58
$110.7 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
4.8% (2017 est.)
1.2% (2016 est.)
4.6% (2015 est.)
country comparison to the world: 44
[see also: GDP - real growth rate country ranks ]
$8,600 (2017 est.)
$8,300 (2016 est.)
$8,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 148
29.2% of GDP (2017 est.)
28.2% of GDP (2016 est.)
28.7% of GDP (2015 est.)
country comparison to the world: 29
[see also: Gross national saving country ranks ]
household consumption: 58%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 30.1%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 35.7%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -45.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 14.8%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 29.1%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine
automotive parts, phosphate mining and processing, aerospace, food processing, leather goods, textiles, construction, energy, tourism
2.6% (2017 est.)
country comparison to the world: 107
[see also: Industrial production growth rate country ranks ]
12 million (2017 est.)
country comparison to the world: 49
[see also: Labor force country ranks ]
agriculture: 39.1%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 20.3%
[see also: Labor force - by occupation - industry country ranks ]
services: 40.5% (2014 est.)
[see also: Labor force - by occupation - services country ranks ]
9.3% (2017 est.)
9.4% (2016 est.)
country comparison to the world: 128
[see also: Unemployment rate country ranks ]
15% (2007 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.2% (2007)
40.9 (2007 est.)
39.5 (1999 est.)
country comparison to the world: 57
[see also: Distribution of family income - Gini index country ranks ]
revenues: $26.63 billion
[see also: Budget - revenues country ranks ]
expenditures: $30.71 billion (2017 est.)
[see also: Budget - expenditures country ranks ]
24.1% of GDP (2017 est.)
country comparison to the world: 120
[see also: Taxes and other revenues country ranks ]
-3.7% of GDP (2017 est.)
country comparison to the world: 138
[see also: Budget surplus (+) or deficit (-) country ranks ]
77.2% of GDP (2017 est.)
77.5% of GDP (2016 est.)
country comparison to the world: 44
[see also: Public debt country ranks ]
calendar year
0.9% (2017 est.)
1.6% (2016 est.)
country comparison to the world: 36
[see also: Inflation rate (consumer prices) country ranks ]
6.5% (31 December 2010)
3.31% (31 December 2009)
country comparison to the world: 64
[see also: Central bank discount rate country ranks ]
5.7% (31 December 2017 est.)
5.73% (31 December 2016 est.)
country comparison to the world: 132
[see also: Commercial bank prime lending rate country ranks ]
$83.8 billion (31 December 2017 est.)
$74.7 billion (31 December 2016 est.)
country comparison to the world: 45
[see also: Stock of narrow money country ranks ]
$100 billion (31 December 2017 est.)
$89.22 billion (31 December 2016 est.)
country comparison to the world: 56
[see also: Stock of broad money country ranks ]
$118.4 billion (31 December 2017 est.)
$109.3 billion (31 December 2016 est.)
country comparison to the world: 54
[see also: Stock of domestic credit country ranks ]
$45.93 billion (31 December 2015 est.)
$52.75 billion (31 December 2014 est.)
$53.83 billion (31 December 2013 est.)
country comparison to the world: 54
[see also: Market value of publicly traded shares country ranks ]
-$4.442 billion (2017 est.)
-$4.537 billion (2016 est.)
country comparison to the world: 173
[see also: Current account balance country ranks ]
$19.64 billion (2017 est.)
$18.88 billion (2016 est.)
country comparison to the world: 71
[see also: Exports country ranks ]
clothing and textiles, automobiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
Spain 23.4%, France 21.1%, Italy 4.6% (2016)
$39.64 billion (2017 est.)
$36.59 billion (2016 est.)
country comparison to the world: 56
[see also: Imports country ranks ]
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
Spain 15.7%, France 13.2%, China 9.1%, US 6.4%, Germany 5.9%, Italy 5.4%, Turkey 4.4% (2016)
$22.97 billion (31 December 2017 est.)
$25.37 billion (31 December 2016 est.)
country comparison to the world: 57
[see also: Reserves of foreign exchange and gold country ranks ]
$45.72 billion (31 December 2017 est.)
$44.65 billion (31 December 2016 est.)
country comparison to the world: 67
[see also: Debt - external country ranks ]
$57.81 billion (31 December 2017 est.)
$54.78 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Stock of direct foreign investment - at home country ranks ]
$4.492 billion (31 December 2017 est.)
$5.203 billion (31 December 2016 est.)
country comparison to the world: 73
[see also: Stock of direct foreign investment - abroad country ranks ]
Moroccan dirhams (MAD) per US dollar -
9.639 (2017 est.)
9.7787 (2016 est.)
9.7787 (2015 est.)
9.7351 (2014 est.)
8.3798 (2013 est.)