Markets Actual Q3 Q4 Q1 Q2 2021
Stock Market (points) 9987.06 9860 9731 9604 9478 9226
Currency 9.24 9.29 9.32 9.34 9.37 9.42

Overview Actual Q3 Q4 Q1 Q2 2021
GDP Annual Growth Rate (%) 0.10 -6.5 -6.3 3 4.1 4.7
Unemployment Rate (%) 12.30 13.4 14.8 14.6 14 14.4
Inflation Rate (%) 0.90 1.2 0.4 0.7 1 1
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (MAD Million) -13659.00 -14500 -14500 -10800 -10700 -12000
Current Account (MAD Million) -9838.00 -12000 -20000 -7800 -20600 -12000
Current Account to GDP (%) -4.60 -7.4 -7.4 -4.2 -4.2 -4.2
Government Debt to GDP (%) 66.10 80 80 78 78 78
Government Budget (% of GDP) -3.60 -7.4 -7.4 -5.8 -5.8 -5.8
Consumer Confidence (points) 65.60 60 50 58 68 80
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38

GDP Actual Q3 Q4 Q1 Q2 2021
GDP Annual Growth Rate (%) 0.10 -6.5 -6.3 3 4.1 4.7
GDP (USD Billion) 118.73 110 110 117 117 117
GDP Constant Prices (MAD Million) 246853.00 234666 240682 254259 256974 251994
Gross Fixed Capital Formation (MAD Million) 318567.00 294490 298497 328124 331628 312527
GDP per capita (USD) 3396.10 3150 3150 3240 3240 3240
GDP From Agriculture (MAD Million) 28295.00 27851 27263 29144 29455 28544
GDP From Construction (MAD Million) 12105.00 11358 11314 12468 12601 11846
GDP From Mining (MAD Million) 4026.00 3563 3731 4147 4191 3906
GDP From Public Administration (MAD Million) 21656.00 19440 19754 22306 22544 20682
GDP From Services (MAD Million) 30474.00 28673 29012 31388 31723 30376
GDP From Transport (MAD Million) 9150.00 8937 8944 9425 9525 9364
GDP From Utilities (MAD Million) 5910.00 5545 5523 6087 6152 5782

Labour Actual Q3 Q4 Q1 Q2 2021
Unemployment Rate (%) 12.30 13.4 14.8 14.6 14 14.4
Employed Persons (Thousand ) 10487.00 10300 10600 10750 10800 11300
Unemployed Persons (Thousand ) 1477.00 1450 1380 1270 1150 1200
Population (Million) 35.60 36 35.8 36.3 36.3 36.1
Employment Rate (%) 39.30 40.1 40.1 40.1 40.1 41.56
Youth Unemployment Rate (%) 33.40 32 30 24.7 26.2 26

Prices Actual Q3 Q4 Q1 Q2 2021
Inflation Rate (%) 0.90 1.2 0.4 0.7 1 1
Consumer Price Index CPI (points) 103.00 122 122 122 103 123
Producer Prices (points) 107.70 107 107 107 107 107
Food Inflation (%) 1.40 1.7 2 2.5 1.3 2.2
Inflation Rate Mom (%) 1.40 0.7 0.3 -0.3 0.2 0.3
Core Inflation Rate (%) 0.60 0.5 0.7 1 1.2 1.3
CPI Transportation (points) 102.00 114 113 111 99.38 114

Money Actual Q3 Q4 Q1 Q2 2021
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Money Supply M2 (MAD Million) 1155666.00 1075000 1100000 1100000 1100000 1100000
Banks Balance Sheet (MAD Million) 1519265.00 1540000 1550000 1535000 1545000 1555000
Foreign Exchange Reserves (MAD Million) 292542.00 292700 293000 294000 289000 292500
Deposit Interest Rate (%) 3.00 3 3 3 3 3
Central Bank Balance Sheet (MAD Million) 420199.29 435000 440000 437000 442000 443000

Trade Actual Q3 Q4 Q1 Q2 2021
Balance of Trade (MAD Million) -13659.00 -14500 -14500 -10800 -10700 -12000
Current Account (MAD Million) -9838.00 -12000 -20000 -7800 -20600 -12000
Current Account to GDP (%) -4.60 -7.4 -7.4 -4.2 -4.2 -4.2
Imports (MAD Million) 31586.00 33000 34500 37100 35200 37000
Exports (MAD Million) 17927.00 18500 20000 26300 24500 25000
Capital Flows (MAD Million) -3108.30 -9550 -7724 -7856 -7856 -6400
Tourist Arrivals 13000000.00 11000000 11000000 12250000 12250000 12250000
Foreign Direct Investment (MAD Million) 4816.00 2400 -850 3500 4200 4500
External Debt (MAD Million) 524035.09 560000 560000 557000 557000 557000

Government Actual Q3 Q4 Q1 Q2 2021
Government Debt to GDP (%) 66.10 80 80 78 78 78
Government Budget (% of GDP) -3.60 -7.4 -7.4 -5.8 -5.8 -5.8
Government Spending (MAD Million) 222967.00 196363 208920 229656 232109 218739
Military Expenditure (USD Million) 3465.00 3420 3420 3450 3450 3450

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2021
Industrial Production (%) -21.40 -10 -8 2 2.5 3
Mining Production (%) 3.60 -3.6 0.4 3.2 -0.8 2.6

Consumer Actual Q3 Q4 Q1 Q2 2021
Consumer Confidence (points) 65.60 60 50 58 68 80
Consumer Spending (MAD Million) 653804.00 595407 612614 673418 680610 641407


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.