Markets Actual Q4 Q1 Q2 Q3 2021
Stock Market (points) 11018.86 10875 10732 10591 10452 10175
Currency 9.10 9.12 9.14 9.17 9.19 9.24

Overview Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -14.90 -8 3 4.1 4.5 4.7
Unemployment Rate (%) 12.70 14.8 14.6 14 14.3 14.4
Inflation Rate (%) 1.30 0.4 0.7 1 0.8 1
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (MAD Million) -8570.00 -14500 -17100 -10700 -13800 -12000
Current Account (MAD Million) -8978.40 -20000 -7800 -20600 -8000 -12000
Current Account to GDP (%) -4.60 -7.4 -4.2 -4.2 -4.2 -4.2
Government Debt to GDP (%) 66.10 80 78 78 78 78
Government Budget (% of GDP) -3.60 -7.4 -5.8 -5.8 -5.8 -5.8
Consumer Confidence (points) 60.60 50 58 68 75 80
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38

GDP Actual Q4 Q1 Q2 Q3 2021
GDP Annual Growth Rate (%) -14.90 -8 3 4.1 4.5 4.7
GDP (USD Billion) 118.73 110 117 117 117 117
GDP Constant Prices (MAD Million) 211598.00 236315 254259 220274 221120 247422
Gross Fixed Capital Formation (MAD Million) 318567.00 293082 328124 331628 332903 306856
GDP per capita (USD) 3396.10 3150 3240 3240 3240 3240
GDP From Agriculture (MAD Million) 28605.00 26768 29144 29778 29892 28026
GDP From Construction (MAD Million) 9898.00 11109 12468 10304 10343 11631
GDP From Mining (MAD Million) 3869.00 3663 4147 4028 4043 3836
GDP From Public Administration (MAD Million) 21988.00 19395 22306 22890 22977 20307
GDP From Services (MAD Million) 26085.00 28486 31388 27154 27259 29825
GDP From Transport (MAD Million) 4262.00 8781 9425 4437 4454 9194
GDP From Utilities (MAD Million) 5233.00 5422 6087 5448 5468 5677

Labour Actual Q4 Q1 Q2 Q3 2021
Unemployment Rate (%) 12.70 14.8 14.6 14 14.3 14.4
Employed Persons (Thousand ) 10166.00 10600 10750 10800 11200 11300
Unemployed Persons (Thousand ) 1482.00 1380 1270 1150 1180 1200
Population (Million) 35.60 35.8 36.3 36.3 36.3 36.1
Employment Rate (%) 37.90 40.1 40.1 40.1 40.7 41.56
Youth Unemployment Rate (%) 32.30 30 24.7 26.2 28 26

Prices Actual Q4 Q1 Q2 Q3 2021
Inflation Rate (%) 1.30 0.4 0.7 1 0.8 1
Consumer Price Index CPI (points) 103.40 122 122 103 104 123
Producer Prices (points) 107.40 107 107 107 107 107
Food Inflation (%) 2.70 2 2.5 1.3 2.1 2.2
Inflation Rate Mom (%) 0.10 0.3 -0.3 0.2 0.4 0.3
Core Inflation Rate (%) 0.20 0.7 1 1.2 0.8 1.3
CPI Transportation (points) 102.20 113 111 99.38 103 114

Money Actual Q4 Q1 Q2 Q3 2021
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Money Supply M2 (MAD Million) 1160903.00 1100000 1100000 1100000 1100000 1100000
Banks Balance Sheet (MAD Million) 1519265.00 1550000 1535000 1545000 1555000 1555000
Foreign Exchange Reserves (MAD Million) 306367.00 293000 294000 289000 292000 292500
Deposit Interest Rate (%) 3.00 3.1 3 3 3 3.1
Central Bank Balance Sheet (MAD Million) 420199.29 440000 437000 442000 445000 443000

Trade Actual Q4 Q1 Q2 Q3 2021
Balance of Trade (MAD Million) -8570.00 -14500 -17100 -10700 -13800 -12000
Current Account (MAD Million) -8978.40 -20000 -7800 -20600 -8000 -12000
Current Account to GDP (%) -4.60 -7.4 -4.2 -4.2 -4.2 -4.2
Imports (MAD Million) 34139.00 34500 37100 35200 38500 37000
Exports (MAD Million) 25569.00 20000 20000 24500 24700 25000
Capital Flows (MAD Million) -5731.80 -9550 -7724 -7856 -5700 -6400
Tourist Arrivals 13000000.00 11000000 12250000 12250000 12250000 12250000
Foreign Direct Investment (MAD Million) 4816.00 -850 3500 4200 6000 4500
External Debt (MAD Million) 524035.09 560000 557000 557000 557000 557000

Government Actual Q4 Q1 Q2 Q3 2021
Government Debt to GDP (%) 66.10 80 78 78 78 78
Government Budget (% of GDP) -3.60 -7.4 -5.8 -5.8 -5.8 -5.8
Government Spending (MAD Million) 222967.00 205130 229656 232109 233001 214771
Military Expenditure (USD Million) 3465.00 3420 3450 3450 3450 3450

Taxes Actual Q4 Q1 Q2 Q3 2021
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38
Sales Tax Rate (%) 20.00 20 20 20 20 20
Social Security Rate For Companies (%) 18.50 18.5 18.5 18.5 18.5 18.5

Business Actual Q4 Q1 Q2 Q3 2021
Industrial Production (%) -21.40 -8 2 2.5 3.5 3
Mining Production (%) 3.60 0.4 3.2 -0.8 2.8 2.6

Consumer Actual Q4 Q1 Q2 Q3 2021
Consumer Confidence (points) 60.60 50 58 68 75 80
Consumer Spending (MAD Million) 653804.00 601500 673418 680610 683225 629770


This page has economic forecasts for Morocco including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Morocco economy.