Markets Actual Q2 Q3 Q4 Q1 2022
Stock Market (points) 12462.80 12212 12052 11894 11738 11426
Currency 8.84 8.86 8.89 8.91 8.94 8.98

Overview Actual Q2 Q3 Q4 Q1 2022
GDP Annual Growth Rate (%) -6.00 9.1 4.5 5.3 2.3 3.4
Unemployment Rate (%) 12.50 10 11.5 11.1 10.7 10.5
Inflation Rate (%) 1.40 1.3 0.7 0.9 1.2 1.2
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (MAD Million) -17574.00 -13100 -10700 -15977 -12000 -13000
Current Account (MAD Million) 1171.30 -6700 1700 -12000 -9000 -12000
Current Account to GDP (% of GDP) -1.80 -3.8 -3.8 -3.8 -4 -4
Government Debt to GDP (% of GDP) 77.40 79 79 79 81.3 81.3
Government Budget (% of GDP) -4.10 -7.2 -7.2 -7.2 -6.7 -6.7
Consumer Confidence (points) 68.30 64 66 72 70 75
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 2022
GDP Annual Growth Rate (%) -6.00 9.1 4.5 5.3 2.3 3.4
GDP (USD Billion) 118.73 117 117 117 117 122
GDP Constant Prices (MAD Million) 242560.00 230853 269577 255416 248139 264100
Gross Fixed Capital Formation (MAD Million) 288162.00 347557 332903 335451 325894 346856
GDP per capita (USD) 3396.10 3240 3240 3240 3240 3350
GDP From Agriculture (MAD Million) 26786.00 31208 30196 28206 27402 29165
GDP From Construction (MAD Million) 11288.00 10799 12643 11886 11548 12290
GDP From Mining (MAD Million) 4314.00 4221 4140 4543 4413 4697
GDP From Public Administration (MAD Million) 30969.00 23989 22179 32610 31681 33719
GDP From Services (MAD Million) 28874.00 28459 29500 30404 29538 31438
GDP From Transport (MAD Million) 8022.00 4650 6972 8447 8207 8734
GDP From Utilities (MAD Million) 5765.00 5709 6067 6071 5898 6277

Labour Actual Q2 Q3 Q4 Q1 2022
Unemployment Rate (%) 12.50 10 11.5 11.1 10.7 10.5
Employed Persons (Thousand ) 10755.00 10600 10300 10800 10840 11100
Unemployed Persons (Thousand ) 1534.00 1380 1340 1400 1310 1300
Population (Million) 35.95 36.3 36.3 36.1 36.1 36.4
Employment Rate (%) 39.90 40.5 40.3 41 40.8 41.5
Youth Unemployment Rate (%) 32.50 30.2 31 30.3 29 28

Prices Actual Q2 Q3 Q4 Q1 2022
Inflation Rate (%) 1.40 1.3 0.7 0.9 1.2 1.2
Consumer Price Index CPI (points) 103.80 103 104 103 104 105
Producer Prices (points) 101.00 107 107 107 107 107
Food Inflation (%) 0.10 0.6 1.8 2.1 1.5 2
Inflation Rate Mom (%) 1.20 0.2 0.4 0.3 0.4 0.4
Core Inflation Rate (%) 0.90 0.6 0.8 1 0.9 1.2
CPI Transportation (points) 105.10 99.68 103 104 107 105

Money Actual Q2 Q3 Q4 Q1 2022
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Money Supply M1 (MAD Million) 1016678.00 1040000 1018000 1005000 994000 980000
Money Supply M2 (MAD Million) 1188514.00 1195000 1150000 1125000 1085000 1050000
Money Supply M3 (MAD Million) 1494196.00 1530000 1515000 1400000 1320000 1270000
Banks Balance Sheet (MAD Million) 1513606.00 1545000 1515000 1488000 1467000 1425000
Foreign Exchange Reserves (MAD Million) 304039.00 289000 292000 294000 286000 305000
Deposit Interest Rate (%) 2.90 2.9 2.9 2.9 2.9 2.9
Central Bank Balance Sheet (MAD Million) 393289.36 415000 386000 402000 382000 368000

Trade Actual Q2 Q3 Q4 Q1 2022
Balance of Trade (MAD Million) -17574.00 -13100 -10700 -15977 -12000 -13000
Current Account (MAD Million) 1171.30 -6700 1700 -12000 -9000 -12000
Current Account to GDP (% of GDP) -1.80 -3.8 -3.8 -3.8 -4 -4
Imports (MAD Million) 42914.00 35200 38500 37000 38300 39000
Exports (MAD Million) 25340.00 24500 24700 25000 25600 26000
Capital Flows (MAD Million) 6151.90 -9550 -5700 -6400 2000 -7000
Tourist Arrivals 12932260.00 9600000 9600000 9600000 10020000 10020000
Foreign Direct Investment (MAD Million) 16744.00 4200 6000 4500 3100 6800
External Debt (MAD Million) 582935.11 573000 558000 554000 545000 565000

Government Actual Q2 Q3 Q4 Q1 2022
Government Debt to GDP (% of GDP) 77.40 79 79 79 81.3 81.3
Government Budget (% of GDP) -4.10 -7.2 -7.2 -7.2 -6.7 -6.7
Government Spending (MAD Million) 227440.00 243257 233001 234784 228095 242767
Military Expenditure (USD Million) 4794.00 3450 3450 3450 3450 3470

Taxes Actual Q2 Q3 Q4 Q1 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 Q2 Q3 Q4 Q1 2022
Industrial Production (%) -1.20 2.5 3.5 3 1.7 2.6
Mining Production (%) 8.80 -0.8 2.8 2.6 1.4 3

Consumer Actual Q2 Q3 Q4 Q1 2022
Consumer Confidence (points) 68.30 64 66 72 70 75
Consumer Spending (MAD Million) 628081.00 713300 683225 688456 668841 711863


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.