Markets Actual Q2 Q3 Q4 Q1 2021
Stock Market (points) 10179.11 10046 9914 9784 9656 9399
Currency 9.65 9.65 9.68 9.7 9.73 9.78

Overview Actual Q2 Q3 Q4 Q1 2021
GDP Annual Growth Rate (%) 2.10 -1.8 -1.3 -3.8 1.7 5
Unemployment Rate (%) 10.50 11.7 12.2 12.8 13.4 14
Inflation Rate (%) 0.90 1.6 1.5 1.6 1.5 1.4
Interest Rate (%) 2.00 2 2 2 2 2
Balance of Trade (MAD Million) -19393.00 -19700 -16500 -18700 -18700 -20200
Current Account (MAD Million) -14511.00 -16100 4000 -6800 -6800 -6800
Current Account to GDP (%) -4.60 -3.9 -3.9 -3.9 -3.7 -3.7
Government Debt to GDP (%) 66.10 75 75 75 78 78
Government Budget (% of GDP) -3.60 -7.3 -7.3 -7.3 -6 -6
Consumer Confidence (points) 75.70 55 60 63 66 70
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38

GDP Actual Q2 Q3 Q4 Q1 2021
GDP Annual Growth Rate (%) 2.10 -1.8 -1.3 -3.8 1.7 5
GDP (USD Billion) 120.00 125 125 125 130 130
GDP Constant Prices (MAD Million) 256864.00 246131 247717 247103 261231 259458
Gross Fixed Capital Formation (MAD Million) 314963.00 312128 310868 302994 320317 318144
GDP per capita (USD) 3357.40 3415 3415 3415 3440 3440
GDP From Agriculture (MAD Million) 29096.00 31526 29400 27990 29591 29390
GDP From Construction (MAD Million) 12075.00 11809 11990 11616 12280 12197
GDP From Mining (MAD Million) 3982.00 3562 3761 3831 4050 4022
GDP From Public Administration (MAD Million) 21082.00 20592 20521 20281 21440 21295
GDP From Services (MAD Million) 30963.00 30082 30267 29786 31489 31276
GDP From Transport (MAD Million) 9545.00 9167 9434 9182 9707 9641
GDP From Utilities (MAD Million) 5894.00 6000 5854 5670 5994 5954

Labour Actual Q2 Q3 Q4 Q1 2021
Unemployment Rate (%) 10.50 11.7 12.2 12.8 13.4 14
Employed Persons (Thousand ) 10957.00 12150 12150 11170 11170 11300
Unemployed Persons (Thousand ) 1292.00 1145 1145 1140 1140 1140
Population (Million) 35.60 36 36 35.8 36.3 36.1
Employment Rate (%) 41.20 41.7 40.1 40.1 40.1 41.56
Youth Unemployment Rate (%) 26.80 23.2 29 26.5 26.5 28

Prices Actual Q2 Q3 Q4 Q1 2021
Inflation Rate (%) 0.90 1.6 1.5 1.6 1.5 1.4
Consumer Price Index CPI (points) 102.90 123 122 123 123 125
Producer Prices (points) 109.10 107 107 107 107 107
Food Inflation (%) 2.90 1.4 1.2 1.4 1.1 1.5
Inflation Rate Mom (%) -0.10 0.6 -0.1 0.7 0.3 0.8
Core Inflation Rate (%) 0.80 1 0.9 1 0.7 1.3
CPI Transportation (points) 109.90 115 114 114 112 116

Money Actual Q2 Q3 Q4 Q1 2021
Interest Rate (%) 2.00 2 2 2 2 2
Money Supply M2 (MAD Million) 1093610.00 1065000 1075000 1100000 1100000 1100000
Banks Balance Sheet (MAD Million) 1426031.00 1460000 1420000 1462537 1462537 1462537
Foreign Exchange Reserves (MAD Million) 261208.00 242000 233000 234152 234152 240152
Deposit Interest Rate (%) 3.00 3.1 3.1 3.1 3.1 3.1
Central Bank Balance Sheet (MAD Million) 328428.40 335606 327500 340000 340000 355000

Trade Actual Q2 Q3 Q4 Q1 2021
Balance of Trade (MAD Million) -19393.00 -19700 -16500 -18700 -18700 -20200
Current Account (MAD Million) -14511.00 -16100 4000 -6800 -6800 -6800
Current Account to GDP (%) -4.60 -3.9 -3.9 -3.9 -3.7 -3.7
Imports (MAD Million) 38115.00 43200 40500 45000 45000 47600
Exports (MAD Million) 18722.00 23500 24000 26300 26300 27400
Tourist Arrivals 13000000.00 11000000 11000000 11000000 12570000 12570000
Foreign Direct Investment (MAD Million) 288.00 5200 7300 6500 6500 7300
External Debt (MAD Million) 524035.09 497941 501300 514905 514905 523802

Government Actual Q2 Q3 Q4 Q1 2021
Government Debt to GDP (%) 66.10 75 75 75 78 78
Government Budget (% of GDP) -3.60 -7.3 -7.3 -7.3 -6 -6
Government Spending (MAD Million) 210014.00 208124 207284 202033 213584 212135

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2021
Industrial Production (%) 2.40 1.8 2.6 3.3 3.3 3.5
Mining Production (%) 3.60 -1.3 3.6 3.5 3.5 4.2

Consumer Actual Q2 Q3 Q4 Q1 2021
Consumer Confidence (points) 75.70 55 60 63 66 70
Consumer Spending (MAD Million) 636065.00 630340 627796 611895 646878 642489


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.