Morocco Economy
Middle East, North Africa, Afghanistan & Pakistan · Lower middle income · Capital: Rabat
GDP Annual Growth Rate in Morocco increased to 4.60 percent in 2025 from 3.79 percent in 2024. Inflation Rate in Morocco decreased to -0.59 percent in Jul 2026 from 0.33 percent in Jun 2026.
GDP Growth Rate
Real GDP, annual % change. Hatched bars are IMF projections.
Inflation vs Interest Rate
Monthly data, %. Source: BIS.
Key Highlights
- Real GDP grew 4.6% in 2025 (previous year: 3.8%).
- Consumer price inflation was -0.6% in Jul 2026, compared with 0.3% in the previous period.
- The central bank policy rate stood at 2.25% at the end of Aug 2026 (previous: 2.25%).
- The unemployment rate was 9.0% in 2025 (previous: 9.1%).
- General government debt was 66.6% of GDP in 2025.
- The IMF projects real GDP growth of 4.5% for 2026 (World Economic Outlook projection).
Main Indicators
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Annual Growth Rate | 4.6% | 3.8% | 2025 |
| Interest Rate | 2.25% | 2.25% | Aug 2026 |
| Inflation Rate | -0.6% | 0.3% | Jul 2026 |
| Unemployment Rate | 9.0% | 9.1% | 2025 |
| Government Debt to GDP | 66.6% | 67.0% | 2025 |
| Balance of Trade | -$16.7B | -$13.2B | 2025 |
| Current Account to GDP | -2.5% | -1.2% | 2025 |
| GDP | $182.4B | $160.6B | 2025 |
GDP
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP per Capita | $4,672 | $4,153 | 2025 |
| GDP per Capita PPP | $11,112 | $10,430 | 2025 |
| Gross National Income | $179.9B | $158.2B | 2025 |
| GDP from Agriculture | 10.5% | 10.6% | 2025 |
| GDP from Industry | 25.2% | 25.6% | 2025 |
| GDP from Manufacturing | 14.9% | 15.3% | 2025 |
| GDP from Services | 52.3% | 52.7% | 2025 |
| Gross Fixed Capital Formation | 26.8% | 26.5% | 2025 |
| Household Consumption to GDP | 59.3% | 60.2% | 2025 |
Labour
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Youth Unemployment Rate | 21.9% | 22.4% | 2025 |
| Labour Force Participation Rate | 43.9% | 44.1% | 2025 |
| Employment Rate | 40.0% | 40.1% | 2025 |
| Population | 38.43M | 38.08M | 2025 |
Prices
| Indicator | Last | Previous | Period |
|---|---|---|---|
| GDP Deflator Growth | 2.1% | 4.0% | 2025 |
Money
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Deposit Interest Rate | 2.68% | 2.85% | 2025 |
| Broad Money Growth | 9.3% | 8.0% | 2025 |
| Foreign Exchange Reserves | $48.5B | $37.1B | 2025 |
Trade
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Current Account | -$4.6B | -$2.0B | 2025 |
| Exports | $76.5B | $67.5B | 2025 |
| Imports | $93.3B | $80.6B | 2025 |
| Foreign Direct Investment | $3.32B | $1.75B | 2025 |
| External Debt | $68.0B | $69.6B | 2024 |
| Remittances | $13.66B | $12.51B | 2025 |
| Terms of Trade | 85.3 | 83.6 | 2024 |
| Tourist Arrivals | 2.80M | 13.11M | 2020 |
| Tourism Revenues | $4.51B | $9.95B | 2020 |
Government
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Government Budget | -3.5% | -3.9% | 2025 |
| Government Revenues to GDP | 29.1% | 27.6% | 2024 |
| Government Spending to GDP | 33.0% | 32.0% | 2024 |
| Tax Revenue to GDP | 22.7% | 20.7% | 2024 |
| Military Expenditure | 3.54% | 3.44% | 2025 |
Housing
| Indicator | Last | Previous | Period |
|---|---|---|---|
| Residential Property Prices | 0.9% | -0.1% | Q2 2026 |
Morocco economy explained in simple words
Size of the economy
The economy of Morocco produced goods and services worth $182.4B in 2025, making it the 58th largest of 214 economies with data.
With a population of about 38.4 million, GDP per person is $4,672. The World Bank classifies Morocco as a “lower middle income” economy.
Economic growth
Real GDP grew 4.6% in 2025, compared with world growth of 3.5% (IMF).
Over the last 10 years growth averaged 2.6% a year, ranging from -7.2% to 8.2%.
The IMF projects growth of 4.5% in 2026.
Prices and interest rates
Consumer price inflation was -0.6% in Jul 2026.
The central bank policy rate was 2.25% at the end of Aug 2026.
The difference between the two — the real interest rate — is about 2.84%.
Jobs
The unemployment rate was 9.0% in 2025 (world: 4.8%).
About 43.9% of people aged 15 and over are in the labour force (working or looking for work).
Government finances
General government debt was 66.6% of GDP in 2025, compared with a median of 52.9% across 191 economies.
The government budget balance was -3.5% of GDP (2025) — a deficit, meaning spending exceeded revenue.
Trade and external position
The current account was -2.5% of GDP in 2025 — a deficit with the rest of the world.
Exports of goods and services were $76.5B and imports $93.3B.
Foreign exchange reserves (including gold) stood at $48.5B.
Structure of the economy
By sector, value added is split roughly as: services 52.3%, industry 25.2%, agriculture 10.5% of GDP.
How to read this page
The four boxes at the top show the most-watched numbers: GDP growth (how fast the economy is expanding), inflation (how fast prices are rising), the central bank policy rate (the base cost of borrowing) and unemployment (the share of job-seekers without work). The small arrow shows the change from the previous reading.
The tabs group all available indicators by topic — GDP, labour, prices, money, trade, government and housing. Each row shows the latest value, the previous value, the period it refers to, a small trend line and the source. Click any indicator to open its full history, chart, statistics and comparison with other countries.
Monthly and quarterly figures come from national statistics offices and central banks — via the OECD, the Bank for International Settlements (BIS) and, for India, the Ministry of Statistics (MoSPI); annual figures come from the World Bank and the IMF. Different indicators are published at different times, so the periods shown can differ.
Frequently asked questions
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Data are sourced from official international organisations (IMF, World Bank, BIS) and national authorities, and are shown for educational and informational purposes only. They are not investment advice and no recommendation is made. Figures may be revised by the source; IMF figures for the current and future years are projections. This page was last updated on Saturday, October 17, 2026.