Markets Actual Q1 Q2 Q3 Q4 2021
Currency 9.71 9.62 9.64 9.67 9.69 9.75
Stock Market (points) 12506.96 12450 12369 12289 12210 12052

Overview Actual Q1 Q2 Q3 Q4 2021
GDP Annual Growth Rate (%) 2.10 3.3 2.7 3.4 3.7 3.8
Unemployment Rate (%) 9.20 9.7 8.3 9.2 9.4 9.2
Inflation Rate (%) 1.30 1.4 0.8 1.3 1 1.1
Interest Rate (%) 2.25 2 2 2 2 2
Balance of Trade (MAD Million) -18296.00 -18950 -19700 -16500 -18700 -20200
Current Account (MAD Million) -6048.60 -6400 -16100 4000 -6800 -6800
Current Account to GDP (%) -4.60 -3.9 -3.9 -3.9 -3.9 -3.7
Government Debt to GDP (%) 65.20 64 64 64 64 63
Government Budget (% of GDP) -3.60 -3.4 -3.4 -3.4 -3.4 -3.3
Consumer Confidence (points) 77.80 85 81 80 83 84
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38

GDP Actual Q1 Q2 Q3 Q4 2021
GDP Annual Growth Rate (%) 2.10 3.3 2.7 3.4 3.7 3.8
GDP (USD Billion) 118.50 125 125 125 125 130
GDP Constant Prices (MAD Million) 250980.00 250314 251719 259513 260266 270156
Gross Fixed Capital Formation (MAD Million) 314963.00 320160 319215 325672 326617 339028
GDP per capita (USD) 3357.40 3415 3415 3415 3415 3440
GDP From Agriculture (MAD Million) 29787.00 31254 32241 30800 30889 32063
GDP From Construction (MAD Million) 12148.00 12158 12077 12561 12597 13076
GDP From Mining (MAD Million) 3811.00 4129 3643 3941 3952 4102
GDP From Public Administration (MAD Million) 20791.00 20662 21060 21498 21560 22380
GDP From Services (MAD Million) 30666.00 30702 30765 31709 31801 33009
GDP From Transport (MAD Million) 9558.00 9230 9375 9883 9912 10288
GDP From Utilities (MAD Million) 5931.00 6307 6136 6133 6150 6384

Labour Actual Q1 Q2 Q3 Q4 2021
Unemployment Rate (%) 9.20 9.7 8.3 9.2 9.4 9.2
Employed Persons (Thousand ) 10975.00 11000 12150 12150 11170 11300
Unemployed Persons (Thousand ) 1107.00 1135 1145 1145 1140 1140
Population (Million) 35.20 36 36 36 35.8 36.1
Employment Rate (%) 41.60 41.4 41.7 40.1 40.1 41.56
Youth Unemployment Rate (%) 24.90 24.6 23.2 29 26.5 28

Prices Actual Q1 Q2 Q3 Q4 2021
Inflation Rate (%) 1.30 1.4 0.8 1.3 1 1.1
Consumer Price Index CPI (points) 121.10 121 122 122 122 124
Producer Prices (points) 109.10 107 107 107 107 107
Food Inflation (%) 1.40 0.8 1.2 1.2 1.4 1.6
Inflation Rate Mom (%) -0.10 -0.3 0.5 0.4 0.7 0.8
CPI Transportation (points) 113.30 113 114 114 114 115
Core Inflation Rate (%) 0.10 0.6 1 0.9 1 1.3

Money Actual Q1 Q2 Q3 Q4 2021
Interest Rate (%) 2.25 2 2 2 2 2
Money Supply M2 (MAD Million) 1078310.00 1055000 1065000 1075000 1100000 1100000
Foreign Exchange Reserves (MAD Million) 253436.00 228260 242000 233000 234152 240152
Banks Balance Sheet (MAD Million) 1412234.00 1456807 1460000 1420000 1462537 1462537
Deposit Interest Rate (%) 3.10 3.1 3.1 3.1 3.1 3.1
Central Bank Balance Sheet (MAD Million) 324529.15 320502 335606 327500 340000 355000

Trade Actual Q1 Q2 Q3 Q4 2021
Balance of Trade (MAD Million) -18296.00 -18950 -19700 -16500 -18700 -20200
Current Account (MAD Million) -6048.60 -6400 -16100 4000 -6800 -6800
Current Account to GDP (%) -4.60 -3.9 -3.9 -3.9 -3.9 -3.7
Imports (MAD Million) 41822.00 47250 43200 40500 45000 47600
Exports (MAD Million) 23526.00 28300 23500 24000 26300 27400
Tourist Arrivals 13000000.00 11000000 11000000 11000000 11000000 12570000
Foreign Direct Investment (MAD Million) 4403.00 4000 5200 7300 6500 7300
External Debt (MAD Million) 511720.67 497941 507155 501300 514905 523802

Government Actual Q1 Q2 Q3 Q4 2021
Government Debt to GDP (%) 65.20 64 64 64 64 63
Government Budget (% of GDP) -3.60 -3.4 -3.4 -3.4 -3.4 -3.3
Government Spending (MAD Million) 210014.00 213479 212849 217154 217785 226060

Taxes Actual Q1 Q2 Q3 Q4 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 Q1 Q2 Q3 Q4 2021
Industrial Production (%) 1.60 3.2 1.8 2.6 3.3 3.5
Mining Production (%) -1.10 3.2 -1.3 3.6 3.5 4.2

Consumer Actual Q1 Q2 Q3 Q4 2021
Consumer Confidence (points) 77.80 85 81 80 83 84
Consumer Spending (MAD Million) 636065.00 646560 644652 657691 659599 684664


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.