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.


Overview Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 10.00 9.8 10.4 9.4 10.1 9 percent
Inflation Rate 1.10 2.1 1.9 1.7 1.5 2 percent
Interest Rate 2.50 2.25 2.25 2 2 1.75 percent
Balance of Trade -14734.00 -15845 -15857 -16083 -16010 -15977 MAD Million
Government Debt to GDP 63.00 67 69 69 69 70 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 9.58
9.5 9.53 9.56 9.6 9.74
Stock Market 10989.98
points
11188 11109 11032 10955 10651
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Annual Growth Rate 2.40
percent
3.5 3.4 3.3 3.2 5.5
GDP 109.14
USD Billion
110 112 112 112 114
GDP Constant Prices 241292.60
MAD Million
252568 246590 249255 246934 274720
Gross Fixed Capital Formation 302226.00
MAD Million
312804 312502 312199 316731 340238
GDP per capita 3292.40
USD
3300 3344 3344 3344 3361
GDP per capita PPP 7485.01
USD
7477 7471 7471 7533 7549
GDP From Agriculture 32315.30
MAD Million
30921 32408 33382 31497 33633
GDP From Construction 11689.30
MAD Million
12208 12050 12075 12342 13279
GDP From Mining 3611.90
MAD Million
3893 3952 3731 3763 4234
GDP From Public Administration 20345.30
MAD Million
20015 20625 21017 19696 21770
GDP From Services 28896.30
MAD Million
29733 29613 29850 29439 32340
GDP From Transport 8929.00
MAD Million
9687 9085 9224 9503 10536
GDP From Utilities 5059.30
MAD Million
5467 5249 5226 5137 5946
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 10.00
percent
9.8 10.4 9.4 10.1 9
Employed Persons 10525.00
Thousand
10730 10926 11027 10625 10843
Unemployed Persons 1172.00
Thousand
1096 1198 1134 1165 1146
Population 34.90
Million
35.8 35.39 35.49 35.59 36.8
Employment Rate 40.50
percent
41.5 41.91 42.06 40.54 41.6
Youth Unemployment Rate 28.80
percent
28.75 28.78 30.49 31.11 34.21
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 1.10
percent
2.1 1.9 1.7 1.5 2
Consumer Price Index CPI 120.00
Index Points
122 122 123 122 126
Producer Prices 110.50
Index Points
107 107 107 107 107
Food Inflation -1.00
percent
2.98 2.5 2.6 2.56 3
Inflation Rate Mom 0.30
percent
0 0.17 0.07 0.13 0.11
Cpi Housing Utilities 116.70
Index Points
117 117 118 118 120
CPI Transportation 113.00
Index Points
114 113 115 115 117
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 2.50
percent
2.25 2.25 2 2 1.75
Money Supply M1 837523.00
MAD Million
849079 860981 872949 884893 990101
Money Supply M2 995702.00
MAD Million
1009270 1023160 1037122 1051064 1174452
Money Supply M3 1287433.00
MAD Million
1303182 1316637 1330043 1343346 1458270
Foreign Exchange Reserves 228127.00
MAD Million
227327 227148 227160 227150 227152
Banks Balance Sheet 1342373.00
MAD Million
1359140 1373461 1388060 1402511 1526009
Deposit Interest Rate 3.10
percent
3.1 3.1 2.85 2.85 2.6
Central Bank Balance Sheet 311755.00
MAD Million
311573 312369 312497 312508 312505
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade -14734.00
MAD Million
-15845 -15857 -16083 -16010 -15977
Exports 21056.00
MAD Million
21726 21637 21572 21579 21583
Imports 35790.00
MAD Million
37429 37494 37655 37589 37560
Current Account -20956.70
MAD Million
-8226 -10208 -18159 -1464 -10011
Current Account to GDP -4.00
percent
-4.2 -4.6 -4.6 -4.6 -4.2
Capital Flows -11144.50
MAD Million
-6323 -12043 -9550 -7724 -8681
Tourist Arrivals 11349347.00
11509900 11461200 11412500 11363800 12031700
Gold Reserves 22.10
Tonnes
22.07 22.06 22.06 22.06 22.06
Terrorism Index 0.08
0.08 0.08 0.08 0.08 0.08
Crude Oil Production 0.16
BBL/D/1K
0.16 0.16 0.16 0.16 0.16
Foreign Direct Investment 6425.00
MAD Million
6565 6503 6446 6473 6487
External Debt 484056.94
MAD Million
488711 490737 487908 487493 491093
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 63.00
percent
67 69 69 69 70
Government Budget -3.60
percent of GDP
-3.2 -3.2 -3.2 -3.2 -3.3
Government Spending 201198.00
MAD Million
208240 208039 207838 201857 226504
Military Expenditure 3420.00
USD Million
3506 3504 3502 3501 3534
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Industrial Production 3.00
percent
1.41 2.39 2.45 2.5 1.87
Changes in Inventories 44284.00
MAD Million
44506 43801 43097 42392 35365
Internet Speed 5168.47
KBps
6280 6348 6439 6529 6980
IP Addresses 3732705.00
IP
3367319 3463663 3463663 3463663 3126307
Steel Production 45.00
Thousand Tonnes
40.62 40.62 40.62 40.62 40.62
Mining Production -1.60
percent
3.79 4.85 5.44 5.76 6.16
Competitiveness Index 58.49
Points
58.99 58.99 58.99 58.99 61.49
Competitiveness Rank 75.00
75 75 75 75 75
Ease of Doing Business 60.00
61 56 54 51 50
Corruption Index 40.00
Points
40 40 40 40 40
Corruption Rank 81.00
81 81 81 81 81
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 82.50
Index Points
80.64 80.28 79.79 79.55 80.17
Consumer Spending 610693.00
MAD Million
632067 631457 630846 601459 687503
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 31.00
percent
31 31 31 31 31
Personal Income Tax Rate 38.00
percent
38 38 38 38 38
Sales Tax Rate 20.00
percent
20 20 20 20 20
Social Security Rate For Companies 18.50
percent
18.5 18.5 18.5 18.5 18.5
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Precipitation 2.47
mm
39.06 40.94 25.35 25.35 27.84
Temperature 12.55
celsius
14.15 11.74 21.64 18.74 18.06



Morocco - Economic Forecasts - 2018-2020 Outlook