Key economic indicators of Morocco - statistics & facts

Morocco had the fifth-highest GDP in Africa in 2022, reaching 138.1 billion U.S. dollars. Although the nation's economy experienced a contraction of around seven percent in 2020, a growth rate of 3.02 percent and 3.14 percent was expected in 2023 and 2024, respectively.

Consumer prices on the rise

Morocco's consumer price index (CPI), a general price index of a basket of consumer goods and services, has generally increased in recent years. Moreover, prices are expected to grow further in the country, with the CPI rising from 121.21 points in 2024 to over 134.78 index points in 2029. Concurrently, the inflation rate was measured at an estimated 2.2 percent in 2024, decreasing significantly compared to 6.14 percent in the previous year. Food prices in the country have risen considerably in recent times. In June 2022, the food inflation rate stood at 15 percent compared -1.7 percent recorded in the same month in 2021.

A service-oriented country

The economy of Morocco mainly relies on services. In 2022, the service sector employed more than 45 percent of the country's workforce and contributed to over half of the country's GDP. In contrast, the industrial and agricultural sectors accounted for approximately 26 percent and 10 percent of the economy, respectively. Within services, the tourism industry is a key economic contributor in Morocco, as it was forecast to make up over 12 percent of the GDP in 2024.

High import trade

Morocco has constantly registered a negative trade balance in recent years, with a deficit reaching 30 billion U.S. dollars in 2022. In fact, the country imports goods in larger quantities than it exports. Morocco relies significantly on the import of petroleum oils and gases, which are among the most imported commodities. On the other hand, the main products exported are fertilizers, vehicles, and electrical machinery and equipment. Spain and France are the leading export partners for the Kingdom.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Jul 8, 2024

Key insights

GDP growth
3.4%
Contribution of tourism to GDP
8%
GDP per capita
3,629 USD
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Current statistics on this topic

Current account balance as share of GDP in Morocco from 2010 to 2021

Income & Expenditure

Current account balance as share of GDP in Morocco 2010-2021

Number of newly registered businesses in Morocco from 2014 to 2029 (in thousands)

Business Enterprise

Number of newly registered businesses in Morocco 2014-2029

Total consumer spending in Morocco from 2014 to 2029 (in million U.S. dollars)

Income & Expenditure

Total consumer spending in Morocco 2014-2029

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