Markets Actual Q1 Q2 Q3 Q4 2022
Stock Market (points) 11353.53 11138 10993 10848 10706 10422
Currency 8.89 8.93 8.95 8.98 9 9.05

Overview Actual Q1 Q2 Q3 Q4 2022
GDP Annual Growth Rate (%) -7.20 3 9.1 4.5 4.7 3.5
Unemployment Rate (%) 11.90 12.3 11.8 11.5 11.1 10.5
Inflation Rate (%) 0.00 0.5 1.3 0.8 1.1 1.4
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (MAD Million) -15137.00 -14500 -17100 -10700 -15977 -12000
Current Account (MAD Million) 1510.40 -7800 -20600 -8000 -12000 -12000
Current Account to GDP (%) -4.60 -4.2 -4.2 -4.2 -4.2 -3.8
Government Debt to GDP (%) 66.10 85 85 85 85 80
Government Budget (% of GDP) -3.60 -6 -6 -6 -6 -5
Consumer Confidence (points) 61.20 58 68 75 80 80
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 2022
GDP Annual Growth Rate (%) -7.20 3 9.1 4.5 4.7 3.5
GDP (USD Billion) 118.73 117 117 117 117 122
GDP Constant Prices (MAD Million) 234059.00 254259 230853 244592 245060 253637
Gross Fixed Capital Formation (MAD Million) 318567.00 328124 347557 332903 333540 345214
GDP per capita (USD) 3396.10 3240 3240 3240 3240 3350
GDP From Agriculture (MAD Million) 27046.00 29144 31208 28263 28317 29308
GDP From Construction (MAD Million) 10650.60 12468 10799 11130 11152 11542
GDP From Mining (MAD Million) 3966.60 4147 4221 4146 4153 4299
GDP From Public Administration (MAD Million) 21790.80 22306 23989 22772 22815 23614
GDP From Services (MAD Million) 28229.60 31388 28459 29500 29557 30591
GDP From Transport (MAD Million) 6672.20 9425 4650 6972 6986 7230
GDP From Utilities (MAD Million) 5884.00 6087 5709 6149 6161 6376

Labour Actual Q1 Q2 Q3 Q4 2022
Unemployment Rate (%) 11.90 12.3 11.8 11.5 11.1 10.5
Employed Persons (Thousand ) 10542.00 10750 10800 11200 11300 11500
Unemployed Persons (Thousand ) 1429.00 1270 1150 1180 1200 1200
Population (Million) 35.95 36.3 36.3 36.3 36.1 36.4
Employment Rate (%) 39.40 40.1 40.1 40.7 40.7 41.56
Youth Unemployment Rate (%) 31.20 24.7 26.2 28 26 25

Prices Actual Q1 Q2 Q3 Q4 2022
Inflation Rate (%) 0.00 0.5 1.3 0.8 1.1 1.4
Consumer Price Index CPI (points) 102.30 122 103 104 104 105
Producer Prices (points) 108.00 107 107 107 107 107
Food Inflation (%) -1.70 2.5 1.3 2.1 2.2 2.4
Inflation Rate Mom (%) 0.10 -0.3 0.2 0.4 0.3 0.4
Core Inflation Rate (%) 0.50 1 1.2 0.8 1.3 1.5
CPI Transportation (points) 103.80 110 99.68 103 104 105

Money Actual Q1 Q2 Q3 Q4 2022
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Money Supply M2 (MAD Million) 1188926.00 1100000 1100000 1100000 1100000 1100000
Banks Balance Sheet (MAD Million) 1537746.00 1535000 1545000 1555000 1555000 1560000
Foreign Exchange Reserves (MAD Million) 320783.00 294000 289000 292000 292500 293500
Deposit Interest Rate (%) 3.00 3 3 3 3.1 3
Central Bank Balance Sheet (MAD Million) 417212.00 437000 442000 445000 443000 450000

Trade Actual Q1 Q2 Q3 Q4 2022
Balance of Trade (MAD Million) -15137.00 -14500 -17100 -10700 -15977 -12000
Current Account (MAD Million) 1510.40 -7800 -20600 -8000 -12000 -12000
Current Account to GDP (%) -4.60 -4.2 -4.2 -4.2 -4.2 -3.8
Imports (MAD Million) 39964.00 37100 35200 38500 37000 40000
Exports (MAD Million) 24827.00 20000 24500 24700 25000 25000
Capital Flows (MAD Million) 7184.20 -9550 -7724 -5700 -6400 -7000
Tourist Arrivals 12932260.00 12250000 12250000 12250000 12250000 12250000
Foreign Direct Investment (MAD Million) 11096.00 3500 4200 6000 4500 6800
External Debt (MAD Million) 524035.09 557000 557000 557000 557000 545000

Government Actual Q1 Q2 Q3 Q4 2022
Government Debt to GDP (%) 66.10 85 85 85 85 80
Government Budget (% of GDP) -3.60 -6 -6 -6 -6 -5
Government Spending (MAD Million) 222967.00 229656 243257 233001 233446 241617
Military Expenditure (USD Million) 3465.00 3450 3450 3450 3450 3470

Taxes Actual Q1 Q2 Q3 Q4 2022
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 2022
Industrial Production (%) -2.60 2 2.5 3.5 3 3
Mining Production (%) 3.80 3.2 -0.8 2.8 2.6 2.6

Consumer Actual Q1 Q2 Q3 Q4 2022
Consumer Confidence (points) 61.20 58 68 75 80 80
Consumer Spending (MAD Million) 653804.00 673418 713300 683225 684533 708491


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.