The latest figures from the Office des Changes show that in the first eleven months of 2022 trade in goods marked an increase both in imports and exports: the latter rose by 42.3% reaching a value of MAD 676.8 billion; similarly, exports stood at MAD 389.7 billion, with an increase of 33.1% from the same period one year earlier. In 2012, the BAM oversaw the activities of 27 licensed banks, six offshore banks, 19 consumer-credit companies, and various other financial institutions (e.g., leasing companies, real-estate-loan companies). All travelers need to pay close attention to the conditions at their destination before traveling. Fishing is one of Morocco's most essential industries as it earns the nation substantial foreign exchange. All Rights Reserved. Moroccans have long migrated for economic reasons. In 2010, imports were 3.45 million short tons (US Energy Information Administration). - Latest available data. Morocco is considered to have great agricultural potential because it has vast amounts of arable land, nearly 33,000 square miles, and a temperate Mediterranean climate. Growth in Morocco is projected to slow to 1.1% in 2022, as agricultural output declines by 17.3% due to an unprecedented drought. Just an hour ferry ride from Spain, the country has a unique mix. A constitutional monarchy with an elected parliament, Morocco has been a key Western ally in the fight against Islamist terrorism. Another is skiing: the resort at Oukameden in the Atlas Mountains, 80 kilometres from Marrakesh, is the highest ski resort in Africa, at an elevation of 2,600 to 3,200 metres, reached by both chairlift and donkey. Numbers continued to rise: in 2005, the latest year for which full statistics are available, there were 1,396,280 Moroccan migrants in the European Union countries, with France and Spain (both about 461,000) at the top of the table, followed by Italy, the Netherlands, and Germany. Necessary cookies are absolutely essential for the website to function properly. For daily updates on the situation, visit the website of the Moroccan Press Agency (MAP in French). The Gini coefficient fell slightly between 2007 and 2013 from 40.7 to 39.5. Fez is a popular tourist destination since it is the location of the most ancient university in the world, Al Qarawyien. Over the past decade, the committee successfully advocated for legislative changes to streamline the economy, such as reducing registrations fees for new companies and digitizing procedures for documentation related to construction licenses, imports and exports, tax exemptions, as well as planning information notes. It is considerably higher (22.5 in 2009) among the younger generations (aged 15-24), where the figures are skewed in favour of women (19.4 percent unemployed as compared to 23 percent for men in 2009). The Ministry of Tourism in Morocco was set up in 1985 to oversee tourism activities in the country and to come up with policies to improve the sector. Despite supposed improvements in the business climate, the private investment market lacked the dynamism to match the reports plaudits. This popup enables you to set your cookies preference and decide which type of cookies you want to allow on your device. After the World Bank discontinued the "Doing Business Report" in September 2021, discussion about the business climate disappeared almost completely in Morocco, and the National Committee for the Business Environment seems to have stopped carrying out its work the last post on its Facebook page was published on March 2, 2021. Below are the latest articles by acclaimed journalists and academics concerning the topic Economy and Morocco. Inflation decelerated to 8.2% in March from Februarys series high of 10.1%. The 1991 U.N.-monitored cease-fire between Morocco and the Polisario Front in the Western Sahara broke down in November 2020 after the Front resumed its armed struggle with Morocco. Morocco is a North African nation that occupies an area of about 274,460 square miles and was home to 35,740,000 people as of 2017. This decline was only partly compensated by non-agricultural performance, which increased by 3.4 per cent (compared with 2 per cent in the first quarter of 2017), driven primarily by the double recovery in secondary and tertiary sector activities. What is Behind Morocco's Tourism Boom? In 2014, Morocco's gross domestic product was estimated to be $109.88 billion, the highest in the country's history. The COVID-19 situation, including the spread of new variants, evolves rapidly and differs from country to country. Industrial production grew by 4.4 percent in 2010, but there are rapid fluctuations, even on a quarterly basis. The Biggest Industries In Morocco. Apart from agriculture, other sectors that the government wanted to focus on included tourism and manufacturing. According to the Moroccan Association of Textile and Clothing Industry, in 2017 Moroccan textile exports were worth $7.3 billion which was an increase of nearly 3.8% from the figures recorded in 2016. Notably, since the annual publication of the DBI, Morocco achieved its . If the Russia-Ukraine grain deal expires on 18 May, as planned, inflation should be driven further up. Capital: Rabat Population: (2023 est.) We are happy to help. According to WTO data, in 2021 Morocco exported USD 35.8 billion worth of goods, recording an increase of 32.1% year-on-year; whereas the value of its imports stood at USD 58 billion, 32.4% more than the previous year. Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 1000+ markets in 190+ countries & territories, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. Another factor is gender: women are, in general, less well educated than men, and when they head the household, as many do, the level of household poverty is much higher (see Family structure). The economy of Morocco is considered a relatively liberal economy, governed by the law of supply and demand. 1, Putting Diplomacy First in the Middle East: Creating Incentives for De-Escalation, Womens Reproductive Rights and Abortion in Morocco: Regulatory Reforms Should Not Miss the Bigger Picture, Morocco and Israel: Economic Opportunities, Military Incentives, and Moral Hazards. Industry contributes 26.1% of the GDP and employs 23% of the workforce. Web3 is envisioned to be a "decentralized web ecosystem," in which users can retain ownership of their data. The central Bank is the Bank al-Maghrib (BAM), whose headquarters are in Rabat. The rate of poverty remains one of the highest in the Mediterranean region, with almost one-fifth of the population living near the poverty line. Although some countries allowed them to acquire citizenship, Moroccan law stipulates that no one born in Morocco or of Moroccan parentage can lose Moroccan citizenship. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. The land has a total area of 446,550 km (172,414 mi) and a total coastline of 1,835 km (1,140.2 mi). Though Morocco real GDP growth fluctuated substantially in recent years, it tended to decrease through 2002 - 2021 period ending at 7.9 % in 2021. It became a modern stock exchange in 1967 and is now the third largest exchange in Africa. See more from the 2023 Index. One of the significant challenges that face Morocco's agriculture is drought which has reduced the amount of water available to plants and animals. The committees stated purpose is to propose and implement measures that might serve the improvement of business climate, strengthen its legal framework, and assess its impact on the relevant sectors. To this end, it set three priorities: reforming the legal and regulatory framework of business; digitizing and simplifying administrative procedures; and creating a single-window customs system. Moroccos economic expansion has brought a rapid increase in the demand for energy. For a summary in English of the economic and business measures adopted, refer to the website of KPMG.For a general overview of international SME support policy responses to the COVID-19 outbreak refer to the OECD's SME Covid-19 Policy Responses document. Morocco is a rapidly developing country, but there are huge imbalances in the ways in which wealth is distributed. ANIMAL, VEGETABLE OR MICROBIAL FATS AND OILS AND THEIR CLEAVAGE PRODUCTS; PREPARED EDIBLE FATS; ANIMAL OR VEGETABLE WAXES, PREPARED FOODSTUFFS; BEVERAGES, SPIRITS AND VINEGAR; TOBACCO AND MANUFACTURED TOBACCO SUBSTITUTES; PRODUCTS, WHETHER OR NOT CONTAINING NICOTINE, INTENDED FOR INHALATION WITHOUT COMBUSTION; OTHER NICOTINE CONTAINING PRODUCTS INTENDED FOR THE INTAKE OF NICOTINE INTO THE HUMAN BODY, PRODUCTS OF THE CHEMICAL OR ALLIED INDUSTRIES, PLASTICS AND ARTICLES THEREOF; RUBBER AND ARTICLES THEREOF, RAW HIDES AND SKINS, LEATHER, FURSKINS AND ARTICLES THEREOF; SADDLERY AND HARNESS; TRAVEL GOODS, HANDBAGS AND SIMILAR CONTAINERS; ARTICLES OF ANIMAL GUT (OTHER THAN SILKWORM GUT), WOOD AND ARTICLES OF WOOD; WOOD CHARCOAL; CORK AND ARTICLES OF CORK; MANUFACTURES OF STRAW, OF ESPARTO OR OF OTHER PLAITING MATERIALS; BASKETWARE AND WICKERWORK, PULP OF WOOD OR OF OTHER FIBROUS CELLULOSIC MATERIAL; RECOVERED (WASTE AND SCRAP) PAPER OR PAPERBOARD; PAPER AND PAPERBOARD AND ARTICLES THEREOF, FOOTWEAR, HEADGEAR, UMBRELLAS, SUN UMBRELLAS, WALKING STICKS, SEAT-STICKS, WHIPS, RIDING-CROPS AND PARTS THEREOF; PREPARED FEATHERS AND ARTICLES MADE THEREWITH; ARTIFICIAL FLOWERS; ARTICLES OF HUMAN HAIR, ARTICLES OF STONE, PLASTER, CEMENT, ASBESTOS, MICA OR SIMILAR MATERIALS; CERAMIC PRODUCTS; GLASS AND GLASSWARE, NATURAL OR CULTURED PEARLS, PRECIOUS OR SEMI-PRECIOUS STONES, PRECIOUS METALS, METALS CLAD WITH PRECIOUS METAL, AND ARTICLES THEREOF; IMITATION JEWELLERY; COIN, MACHINERY AND MECHANICAL APPLIANCES; ELECTRICAL EQUIPMENT; PARTS THEREOF; SOUND RECORDERS AND REPRODUCERS, TELEVISION IMAGE AND SOUND RECORDERS AND REPRODUCERS, AND PARTS AND ACCESSORIES OF SUCH ARTICLES, VEHICLES, AIRCRAFT, VESSELS AND ASSOCIATED TRANSPORT EQUIPMENT, OPTICAL, PHOTOGRAPHIC, CINEMATOGRAPHIC, MEASURING, CHECKING, PRECISION, MEDICAL OR SURGICAL INSTRUMENTS AND APPARATUS; CLOCKS AND WATCHES; MUSICAL INSTRUMENTS; PARTS AND ACCESSORIES THEREOF, ARMS AND AMMUNITION; PARTS AND ACCESSORIES THEREOF, WORKS OF ART, COLLECTORS' PIECES AND ANTIQUES, Construction and related engineering services, Recreational, cultural and sporting services. 78percent of the country has an average annual precipitation of less than 250 millimetres, 15 percent has between 250 to 500 millimetres, and 7 percent has more than 500 millimetres; precipitation can change rapidly from year to year. For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19. More than anything, the economic growth rate reflects the state of the private investment market. Your support is greatly Also of growing importance to the economy are modern sectors, particularly tourism and telecommunications. See the country risk analysis provided by La Coface. Spain is also the main supplier (15.7%), ahead of China (11.7%), France (10.5%), the U.S. (6.4%) and Turkey (5.8% - data OdC for 2021). Nationally, the poor have benefited much less than the richer sectors of society from the economic growth of the last twenty years, and inequality has increased. This cookie is set by GDPR Cookie Consent plugin. Poverty Indicators in 2013. Female unemployment rate in Morocco 2012-2021, Value of major agri-food products exported from Morocco 2021, by type, Share of gas and fuel oils supplied to Morocco 2021, by trade partner, Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2023, Quarterly smartphone market share worldwide by vendor 2009-2023, Number of apps available in leading app stores Q3 2022. These two patterns of migration, within Morocco and beyond its borders to European-controlled areas, have continued. Moroccos industrial sector is the largest beneficiary of foreign direct investment. You also have the option to opt-out of these cookies. Also in 1959, the colonial-era coinage, the Moroccan franc, was replaced by the dirham, and the BAM was put in charge of issuing currency. In 2021, GDP based on PPP for Morocco was 333,242 million international dollars. Clicking on the following button will update the content below. The labour force is growing rapidly: in 2010, it was 11,386,087, a 13 percent rise from 10,016,473 in 2001. Two years on, what is the state of the Abraham Accords? - Latest available data. RABAT, June 1 (Xinhua) -- Morocco's trade deficit increased by 2.6 percent year-on-year to 91.32 billion dirhams (8.99 billion U.S. dollars) in the first four months of 2023, according to a data . Photo by Francois LOCHON/Gamma-Rapho via Getty Images. According to Trading Economics, the gross domestic product of Morocco was estimated to be $109.14 billion in 2017 which was a significant increase from . All of these reports, by highlighting weak property rights, high taxes, and restricted investment freedom, painted a less than rosy picture of doing business in Morocco. Parties work with each other to form coalition governments. It has three subsidiaries, Atlas (2004, 11 planes, 23 destinations), Jet4U (2006, five planes, 13 destinations), and Air Arabia Maroc with four planes. Sign up to receive the latest publications, event invitations, and our weekly newsletter delivered to your inbox. Consequently, Morocco's economy is expected to suffer from a recession this year, the first one since more than two decades. A strong rebound in the tourism sector after the covid-19 pandemic and rising production of vehicles and pharmaceutical products support the growth outlook, although a slowdown in major . In 2017, Morocco was considered Africa's premier tourist destination because it attracted more than 10,300,000 visitors. To consult a list of the economic measures put in place by the Moroccan government to address the impact of the COVID-19 pandemic on the national economy, please visit the. Tea, which is drunk in large quantities, was the sixth largest foodstuff import. In order to get more information about cookies and find out how to refuse them, visit our cookie policy page . IMF World Economic Outlook Database You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19. Production of the top three crops (barley, wheat and sugar beet) is much more affected by drought than is meat production. 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. One of the most significant challenges facing the industry is territorial disputes with the European nation of Spain over the extent of Morocco's territorial waters. Morocco Economic and political overview Economic Overview For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19. According to Trading Economics, the gross domestic product of Morocco was estimated to be $109.14 billion in 2017 which was a significant increase from 2016 when the gross domestic product was determined to be $103.61 billion. The dysfunction of the Moroccan judicial system is among the most important obstacles to private investment. Daily trading in the first six months of 2011 ranged between USD 36 million and USD 5 million. The automotive industry, in particular, has benefited from large foreign investments. It has grown rapidly over a long period, from 2,602,000 tourism arrivals in 1995 to 9,299,000 in 2010, making it the 24th largest tourist market in the world and the second largest among the Arab countries, after Egypt (Saudi Arabia excluded, because of the specialized nature of the hajj). We invite you to register for free online. Morocco Home Overview Overview Context Strategy Results With a growth rate of 7.9 percent, the Moroccan economy rebounded in 2021, recovering the output losses experienced during the first year of the pandemic. The most important key figures provide you with a compact summary of the topic of "Key economic indicators of Morocco" and take you straight to the corresponding statistics. IMF's policy tracking platform Policy Responses to COVID-19, COVID-19 Travel Recommendations by Destination, portal of the Moroccan Ministry of Interior, Customs and Indirect Taxes Administration, World Bank's Map of SME-Support Measures in Response to COVID-19, Moroccan Dirham (MAD) - Average Annual Exchange Rate For 1 USD. Moroccan farmers also grow vast quantities of citrus fruits, olives, and grapes under irrigation. A subsidiary, the Dar al-Sikka (Mint), was created in March 1987 to handle the manufacture of banknotes and coins. In sum, the World Banks report on Moroccos achievements doesnt match up with the countrys actual economic performance. The best of the best: the portal for top lists & rankings: Strategy and business building for the data-driven economy: Gross domestic product (GDP) growth rate in Morocco 2028, Share of the GDP of the tourism sector in Morocco 2013-2028, Gross Domestic Product (GDP) per capita in North Africa 2022, by country, GDP of African countries 2021, by country, African countries with the highest Gross Domestic Product (GDP) in 2021 (in billion U.S. dollars), Gross domestic product (GDP) in Morocco 2028, Morocco: Gross domestic product (GDP) in current prices from 1988 to 2028 (in billion U.S. dollars), Morocco: Growth rate of the real gross domestic product (GDP) from 2018 to 2028 (compared to the previous year), Distribution of gross domestic product (GDP) across economic sectors Morocco 2021, Morocco: Distribution of gross domestic product (GDP) across economic sectors from 2011 to 2021, Morocco: Inflation rate from 1988 to 2028 (compared to the previous year), Annual average consumer price index (CPI) in Morocco from 2012 to 2028, Consumer price index (CPI) in Morocco in June 2022, by category, Monthly CPI for food and non-alcoholic beverages in Morocco 2019-2022, Consumer price index (CPI) for food and non-alcoholic beverages in Morocco from July 2019 to September 2022, Monthly CPI for alcoholic beverages and tobacco in Morocco 2019-2022, Consumer price index (CPI) for alcoholic beverages and tobacco in Morocco from June 2019 to September 2022, Producer Price Index (PPI) for the manufacturing industry in Morocco 2019-2022, Industrial Producer Price Index (PPI) for the manufacturing industry in Morocco from June 2019 to September 2022, Monthly Producer Price Index (PPI) for electricity in Morocco 2019-2022, Industrial Producer Price Index (PPI) for electricity production and distribution in Morocco from June 2019 to September 2022, General government revenue in Morocco from 2011 to 2028 (in billion Moroccan dirhams), General government spending in Morocco 2011-2028, Total government expenditure in Morocco from 2011 to 2028 (in billion Moroccan dirhams), Total external debt stock in Morocco from 2015 to 2020 (in million U.S. dollars), National debt of Morocco in relation to gross domestic product (GDP) 2028, Morocco: National debt from 2018 to 2028 in relation to gross domestic product (GDP), Morocco's budget balance in relation to GDP 2028, Morocco: Budget balance between 2018 to 2028 in relation to GDP, Morocco: Trade balance of goods from 2011 to 2021 (in billion U.S. dollars), Annual value of imports into Morocco 2015-2020, Total value of imports into Morocco from 2015 to 2020 (in billion Moroccan dirhams), Leading commodities imported to Morocco 2019, Ten leading products imported into Morocco as of 2019 (in million U.S. dollars), Annual value of exports from Morocco 2015-2020, Total value of exports in Morocco from 2015 to 2020 (in billion Moroccan dirhams), Leading commodities exported from Morocco 2020, Ten leading products exported from Morocco in 2020 (in billion U.S. dollars), Most important export partners for Morocco in 2019, Labor force participation rate in Morocco 2021, Morocco: Labor force participation rate from 2011 to 2021, Number of people employed in Morocco from 2013 to 2024 (in 1,000s), Share of employed population in Morocco 2022, by economic activity and area, Distribution of the employed population in Morocco as of 2022, by sector of activity and area of residence, Morocco: Unemployment rate from 2003 to 2022, Youth unemployment rate in Morocco in 2022, Morocco: Youth unemployment rate from 2003 to 2022, Unemployment rate in Morocco 2022, by age, Unemployment rate in Morocco as of 2nd quarter 2022, by age group, Number of jobs lost in Morocco 2019-2020, by sector, Volume of employment lost in Morocco between 2019 and 2020, by sector. The Renault-Nissan plant, which was inaugurated in February 2012, is intended to export 90 percent of the vehicles it builds (initially between 150,000 and 170,000 a year, rising to 340,000 after a second phase to be completed in 2013). In the 1980s, Morocco was a heavily indebted country before pursuing austerity measures and pro-market reforms, overseen by the IMF. Moroccos strategy, however, only targeted the DBIs metrics, while ignoring the metrics assessed by freedom of business rankings from theCanadian Fraser Institute, the Heritage Foundation, and the World Economic Forum (in its "Global Competitiveness Report"). potential for implementing an APP in Morocco, and uses a semi-structural model of Moroccan economy (as in Bulir et al., 2021) to simulate its macroeconomic impact. Less than 6 percent of the labour force is unionized. Agricultural produce is shipped to two distinct markets, the home market and the export market, and the commodities are quite different. Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. Morocco is rich with culture and colours and it is an authentic North Africa city worth visiting. [21] Manufacturing, of which the biggest part is in textiles and clothing, exported mainly to the European Union, with France importing 27.6 percent of the ready-to-wear clothing, 46 percent of the hosiery, and 28.5 percent of the basic textiles produced by Morocco. Although the Moroccan economy has relied on exports for centuries, the agricultural and mineral trade developed greatly during the colonial period, with the development of new ports (notably Casablanca) and a new capital (Rabat) on the coast. Although the nation's economy experienced a contraction of around six percent in 2020, a growth rate of 7.2 . The countrys GDP rebounded in 2021 when it grew an estimated 7.9%, but was hindered by global shocks and a severe drought in 2022, with GDP growing by only 0.8% (IMF). This cookie is set by GDPR Cookie Consent plugin. Some of Morocco's most important industries include agriculture, tourism, and mining. The World Economic Forum considered Morocco to be North Africa's most competitive economy from 2014 to 2015. To find out about the latest public health situation in Morocco and the current sanitary measures in vigour, please consult the official government platform CovidMaroc's dedicated pages (in French and Arabic). Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. This way, Morocco can boost private investors confidence and encourage them to take risks in a context clouded by the consequences of both COVID-19 and 10 years of chaos and instability in the region. Morocco was ranked 71st out of 137 countries covered by the Global Competitiveness Index 2017-2018, its highest position since the index started in 2007. Directly accessible data for 170 industries from 50 countries and over 1 million facts: Get quick analyses with our professional research service. Arable land (land under temporary crops, such as grain and vegetables) is 18 percent of land area. Select the reports most relevant to your business. According to preliminary data by the Ministry for Agriculture, the agricultural sectors value-added decreased by 14% year-on-year during the 2021/22 crop year. Morocco is rich with cul." Diamonds and Pearls Travels | Leading Travel Company on Instagram: "Based on popular demand, we bring you- LET'S GO TO MARRAKECH this July. Rate of 7.2 the nation & # x27 ; s economy experienced a of... Set by GDPR cookie Consent plugin miles and was home to 35,740,000 as... Press Agency ( MAP in French ) million and USD 5 million 2014, Morocco was a heavily country! Three crops ( barley, wheat, citrus fruits, olives, and! The nation & # x27 ; s tourism Boom Al Qarawyien of cookies you want to allow on device! 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