Editing Economy of Morocco (section)

==Macro-economic trend==
{{Update section|date=December 2024}}

Morocco is a fairly stable economy with continuous growth over the past half-century. Current GDP per capita grew 47% in the 1960s, reaching a peak growth of 274% in the 1970s. However, this proved unsustainable and growth scaled back sharply to just 8.2% in the 1980s and 8.9% in the 1990s.<ref>{{Cite web | url=http://earthtrends.wri.org/text/economics-business/variable-638.html | title=Economics, Business, and the Environment – GDP: GDP per capita, current US dollars|publisher=World Resources Institute | access-date=6 January 2017 | archive-url=https://web.archive.org/web/20111207232907/http://earthtrends.wri.org/text/economics-business/variable-638.html | archive-date=7 December 2011}}</ref>

In recent years, Morocco's economy has demonstrated resilience amid global challenges. Real GDP growth rebounded to 3.4% in 2023, driven by a resurgence in tourism, robust manufacturing exports (notably in the [[Automotive industry|automotive]] and [[aeronautics]] sectors), and increased private consumption.<ref>{{Cite web |title=Morocco's Economy Proves Resilient but Private Sector Faces Challenges |url=https://www.worldbank.org/en/news/press-release/2024/07/18/morocco-s-economy-proves-resilient-but-private-sector-faces-challenges |access-date=2025-05-10 |website=World Bank |language=en}}</ref><ref name=":0">{{Cite web |title=Morocco Economic Monitor – Summer 2024 Morocco's Economy Proves Resilient but Private Sector Faces Challenges |url=https://www.worldbank.org/en/country/morocco/publication/morocco-economic-monitor-summer-2024-morocco-s-economy-proves-resilient-but-private-sector-faces-challenges |access-date=2025-05-10 |website=World Bank |language=en}}</ref> However, agricultural output contracted due to drought conditions, which lead to a projected slowdown in overall growth to 3.2% in 2024. The IMF anticipated growth to accelerate to approximately 3.9% in 2025, supported by infrastructure projects and structural reforms.<ref name=":1">{{Cite web |title=IMF Executive Board Concludes 2025 Article IV Consultation, Third Review under the Resilience and Sustainability Facility with Morocco |url=https://www.imf.org/en/News/Articles/2025/03/18/pr-2568-morocco-imf-concludes-2025-art-iv-consult-3rd-review-under-rsf |access-date=2025-05-10 |website=IMF |language=en}}</ref><ref name=":2">{{Cite web |title=IMF Staff Completes 2025 Article IV Consultation with Morocco |url=https://www.imf.org/en/News/Articles/2025/02/10/pr-2533-morocco-imf-staff-completes-2025-article-iv-consultation |access-date=2025-05-10 |website=IMF |language=en}}</ref>
{| class="wikitable mw-collapsible mw-collapsed"
|-
! Year || Gross Domestic Product || US Dollar Exchange || Inflation Index <br />(2000=100) || Per Capita Income<br /> (as % of USA)
|-
| 1980 || 74,090 || 3.93 Dirhams || 33 || 8.87
|-
| 1985 || 129,507 || 10.06 Dirhams || 53 || 3.72
|-
| 1990 || 212,819 || 8.24 Dirhams || 67 || 5.17
|-
| 1995 || 281,702 || 8.54 Dirhams || 91 || 5.03
|}

Inflation significantly declined from a peak of 10.1% in early 2023 to an average of 1.5% in 2024, primarily due to falling food prices.<ref>{{Cite web |title=Moroccan Central Bank |url=https://www.marketwatch.com/story/moroccan-central-bank-cuts-key-rate-to-2-75-from-3-b8264ba0}}</ref><ref name=":3" /> In response, the central bank, [[Bank Al-Maghrib]], reduced the key interest rate from 3.0% to 2.75% in June 2024. The IMF projected inflation to stabilize around 2% in the medium term.<ref name=":2" /><ref name=":1" />

Fiscal consolidation efforts led to a reduction in the budget deficit, which decreased from 5.2% of GDP in 2022 to 4.7% in 2023.<ref name=":4">{{Cite web |last=Bank |first=African Development |date=2019-03-27 |title=Morocco Economic Outlook |url=https://www.afdb.org/en/countries/north-africa/morocco/morocco-economic-outlook |access-date=2025-05-10 |website=African Development Bank Group |language=en}}</ref> Public debt was projected to gradually decline from 69.5% of GDP in 2023 to 68.2% by 2025.<ref>{{Cite web |date=2024-09-11 |title=Boosting productivity and private sector dynamism, tackling labour market challenges, and advancing the climate transition will help Morocco accelerate growth and increase living standards |url=https://www.oecd.org/en/about/news/press-releases/2024/09/boosting-productivity-and-private-sector-dynamism-tackling-labour-market-challenges-and-advancing-the-climate-transition-will-help-morocco-accelerate-growth-and-increase-living-standards.html |access-date=2025-05-10 |website=OECD |language=en}}</ref><ref name=":5">{{Cite web |title=The economic context of Morocco |url=https://www.tradeclub.standardbank.com/portal/en/market-potential/morocco/economical-context}}</ref> The [[Transaction account|current account]] deficit narrowed significantly to 0.6% of GDP in 2023, the lowest level since 2007, bolstered by strong tourism revenues, manufacturing exports, and [[Remittance|remittances]]. Foreign direct investment also increased, particularly in sectors like [[green hydrogen]] and electric vehicle battery components.<ref name=":3" /><ref name=":0" /><ref name=":4" />

The unemployment rate remained elevated at 13% in 2023, with higher rates among youth (35.8%), women (18.3%), and recent graduates (19.7%). Additionally, the poverty rate increased from 3% in 2021 to 4.9% in 2022.<ref name=":6">{{Cite web |title=Economic Outline - Standard Bank TradeClub |url=https://www.tradeclub.standardbank.com/portal/en/market-potential/morocco/presentation-context |archive-url=https://web.archive.org/web/20241207001912/https://www.tradeclub.standardbank.com/portal/en/market-potential/morocco/presentation-context |archive-date=7 December 2024 |access-date=2025-05-10 |website=www.tradeclub.standardbank.com |language=en |url-status=live }}</ref><ref name=":5" /><ref name=":4" /> In terms of [[List of countries by GDP (nominal) per capita|GDP per capita]], Morocco reached $3,672 in 2023, a 6.69% increase from 2022.<ref>{{Cite web |title=Morocco GDP Per Capita 1960-2025 {{!}} MacroTrends |url=https://www.macrotrends.net/global-metrics/countries/MAR/morocco/gdp-per-capita |access-date=2025-05-10 |website=www.macrotrends.net}}</ref> The IMF estimated GDP per capita (PPP) at $10,615 in 2024.<ref name=":5" /><ref name=":6" />

The following table shows the main economic indicators in 1980–2022. Inflation below 5% is in green.<ref>{{cite web|title=Report for Selected Countries and Subjects|url=http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=686&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=&pr.x=64&pr.y=1|access-date=28 August 2018|language=en-US|archive-date=3 September 2018|archive-url=https://web.archive.org/web/20180903013323/http://www.imf.org/external/pubs/ft/weo/2018/01/weodata/weorept.aspx?sy=1980&ey=2023&scsm=1&ssd=1&sort=country&ds=.&br=1&c=686&s=NGDP_RPCH,PPPGDP,PPPPC,PCPIPCH,GGXWDG_NGDP&grp=0&a=&pr.x=64&pr.y=1|url-status=live}}</ref>
{{static row numbers}}{{sticky header}}
{| class="wikitable sortable mw-collapsible mw-collapsed sticky-header" style="text-align:center;"
!Year
!GDP<br /><small>(in bn. US$PPP)</small>
!GDP per capita<br /><small>(in US$ PPP)</small>
!GDP<br /><small>(in US$ nominal)</small>
!GDP growth<br /><small>(real)</small>
!Inflation rate<br /><small>(in Percent)</small>
!Unemployment<br /><small>(in Percent)</small>
!Government debt<br /><small>(in % of GDP)</small>
|-
|1980
|31.4
|1,615
|23.8
|{{Increase}}3.8%
|{{IncreaseNegative}}9.4%
|n/a
|n/a
|-
|1981
|{{Increase}}33.4
|{{Increase}}1,675
|{{Decrease}}19.3
|{{Decrease}}-2.8%
|{{IncreaseNegative}}12.5%
|n/a
|n/a
|-
|1982
|{{Increase}}38.9
|{{Increase}}1,900
|{{Increase}}19.5
|{{Increase}}9.6%
|{{IncreaseNegative}}10.5%
|n/a
|n/a
|-
|1983
|{{Increase}}40.2
|{{Increase}}1,918
|{{Decrease}}17.6
|{{Decrease}}-0.6%
|{{IncreaseNegative}}6.2%
|n/a
|n/a
|-
|1984
|{{Increase}}43.4
|{{Increase}}2,025
|{{Decrease}}16.1
|{{Increase}}4.3%
|{{IncreaseNegative}}12.4%
|n/a
|n/a
|-
|1985
|{{Increase}}47.6
|{{Increase}}2,169
|{{Increase}}16.3
|{{Increase}}6.3%
|{{IncreaseNegative}}7.7%
|n/a
|n/a
|-
|1986
|{{Increase}}52.6
|{{Increase}}2,342
|{{Increase}}21.5
|{{Increase}}8.3%
|{{IncreaseNegative}}8.7%
|n/a
|n/a
|-
|1987
|{{Increase}}52.5
|{{Increase}}2,284
|{{Increase}}23.7
|{{Decrease}}-2.5%
|2.7%
|n/a
|n/a
|-
|1988
|{{Increase}}60.1
|{{Increase}}2,553
|{{Increase}}28.1
|{{Increase}}10.4%
|2.4%
|n/a
|n/a
|-
|1989
|{{Increase}}63.9
|{{Increase}}2,654
|{{Increase}}28.9
|{{Increase}}2.4%
|3.1%
|n/a
|n/a
|-
|1990
|{{Increase}}69.0
|{{Increase}}2,853
|{{Increase}}32.7
|{{Increase}}4.0%
|{{IncreaseNegative}}6.0%
|n/a
|70.5%
|-
|1991
|{{Increase}}76.4
|{{Increase}}3,103
|{{Increase}}34.9
|{{Increase}}7.2%
|{{IncreaseNegative}}9.0%
|n/a
|{{DecreasePositive}}59.1%
|-
|1992
|{{Decrease}}76.5
|{{Decrease}}3,050
|{{Increase}}36.5
|{{Decrease}}-2.1%
|{{IncreaseNegative}}5.7%
|n/a
|{{IncreaseNegative}}67.0%
|-
|1993
|{{Increase}}77.8
|{{Decrease}}3,044
|{{Decrease}}34.3
|{{Decrease}}-0.7%
|{{IncreaseNegative}}5.2%
|n/a
|{{IncreaseNegative}}74.7%
|-
|1994
|{{Increase}}87.8
|{{Increase}}3,379
|{{Increase}}38.5
|{{Increase}}10.6%
|{{IncreaseNegative}}5.1%
|n/a
|{{DecreasePositive}}69.3%
|-
|1995
|{{Decrease}}84.8
|{{Decrease}}3,215
|{{Increase}}42.2
|{{Decrease}}-5.4%
|{{IncreaseNegative}}6.1%
|16.0%
|{{IncreaseNegative}}72.2%
|-
|1996
|{{Increase}}97.1
|{{Increase}}3,628
|{{Increase}}46.7
|{{Increase}}12.4%
|{{Increase}}3.0%
|{{DecreasePositive}}15.5%
|{{DecreasePositive}}65.3%
|-
|1997
|{{Increase}}97.2
|{{Decrease}}3,582
|{{Decrease}}42.4
|{{Decrease}}-1.6%
|{{Increase}}1.0%
|{{DecreasePositive}}15.4%
|{{IncreaseNegative}}68.0%
|-
|1998
|{{Increase}}105.4
|{{Increase}}3,831
|{{Increase}}45.2
|{{Increase}}7.2%
|{{Increase}}2.7%
|{{DecreasePositive}}15.2%
|{{DecreasePositive}}64.5%
|-
|1999
|{{Increase}}108.1
|{{Increase}}3,873
|{{Decrease}}45.1
|{{Increase}}1.1%
|{{Increase}}0.7%
|{{DecreasePositive}}14.0%
|{{DecreasePositive}}63.4%
|-
|2000
|{{Increase}}112.6
|{{Increase}}3,982
|{{Increase}}42.1
|{{Increase}}1.9%
|{{Increase}}1.9%
|{{DecreasePositive}}13.5%
|{{IncreaseNegative}}64.9%
|-
|2001
|{{Increase}}123.6
|{{Increase}}4,311
|{{Increase}}42.7
|{{Increase}}7.3%
|{{Increase}}0.6%
|{{DecreasePositive}}12.3%
|{{DecreasePositive}}60.4%
|-
|2002
|{{Increase}}129.4
|{{Increase}}4,455
|{{Increase}}45.7
|{{Increase}}3.1%
|{{Increase}}2.8%
|{{DecreasePositive}}11.4%
|{{DecreasePositive}}59.4%
|-
|2003
|{{Increase}}139.9
|{{Increase}}4,751
|{{Increase}}56.3
|{{Increase}}6.0%
|{{Increase}}1.2%
|{{IncreaseNegative}}11.5%
|{{DecreasePositive}}56.9%
|-
|2004
|{{Increase}}150.5
|{{Increase}}5,046
|{{Increase}}64.5
|{{Increase}}4.8%
|{{Increase}}1.5%
|{{DecreasePositive}}10.7%
|{{DecreasePositive}}54.4%
|-
|2005
|{{Increase}}160.3
|{{Increase}}5,306
|{{Increase}}67.5
|{{Increase}}3.3%
|{{Increase}}1.0%
|{{IncreaseNegative}}11.0%
|{{IncreaseNegative}}54.8%
|-
|2006
|{{Increase}}177.8
|{{Increase}}5,809
|{{Increase}}74.3
|{{Increase}}7.6%
|{{Increase}}3.3%
|{{DecreasePositive}}10.9%
|{{DecreasePositive}}50.6%
|-
|2007
|{{Increase}}189.1
|{{Increase}}6,099
|{{Increase}}85.5
|{{Increase}}3.5%
|{{Increase}}2.0%
|{{DecreasePositive}}9.7%
|{{DecreasePositive}}47.1%
|-
|2008
|{{Increase}}204.1
|{{Increase}}6,502
|{{Increase}}100.1
|{{Increase}}5.9%
|{{Increase}}3.9%
|{{DecreasePositive}}9.5%
|{{DecreasePositive}}42.0%
|-
|2009
|{{Increase}}214.1
|{{Increase}}6,736
|{{Increase}}100.5
|{{Increase}}4.2%
|{{Increase}}2.2%
|{{DecreasePositive}}9.0%
|{{IncreaseNegative}}42.6%
|-
|2010
|{{Increase}}225.0
|{{Increase}}6,990
|{{Increase}}100.9
|{{Increase}}3.8%
|{{Increase}}0.9%
|{{IncreaseNegative}}9.2%
|{{IncreaseNegative}}45.3%
|-
|2011
|{{Increase}}241.7
|{{Increase}}7,418
|{{Decrease}}109.7
|{{Increase}}5.2%
|{{Increase}}0.8%
|{{DecreasePositive}}8.5%
|{{IncreaseNegative}}48.6%
|-
|2012
|{{Increase}}244.7
|{{Increase}}7,421
|{{Decrease}}106.3
|{{Increase}}3.0%
|{{Increase}}0.8%
|{{IncreaseNegative}}8.7%
|{{IncreaseNegative}}52.3%
|-
|2013
|{{Increase}}256.1
|{{Increase}}7,674
|{{Increase}}115.6
|{{Increase}}4.5%
|{{Increase}}1.6%
|{{IncreaseNegative}}9.5%
|{{IncreaseNegative}}57.1%
|-
|2014
|{{Increase}}259.3
|{{Increase}}7,679
|{{Increase}}119.1
|{{Increase}}2.7%
|{{Increase}}0.4%
|{{IncreaseNegative}}9.7%
|{{IncreaseNegative}}58.6%
|-
|2015
|{{Increase}}269.8
|{{Increase}}7,905
|{{Decrease}}110.4
|{{Increase}}4.3%
|{{Increase}}1.4%
|{{DecreasePositive}}9.2%
|{{DecreasePositive}}58.4%
|-
|2016
|{{Increase}}274.0
|{{Increase}}7,944
|{{Increase}}111.6
|{{Increase}}0.5%
|{{Increase}}1.5%
|{{DecreasePositive}}9.0%
|{{IncreaseNegative}}60.1%
|-
|2017
|{{Increase}}285.6
|{{Increase}}8,193
|{{Increase}}118.5
|{{Increase}}5.1%
|{{Increase}}0.7%
|{{IncreaseNegative}}10.6%
|{{IncreaseNegative}}60.3%
|-
|2018
|{{Increase}}301.3
|{{Increase}}8,556
|{{Increase}}127.3
|{{Increase}}3.1%
|{{Increase}}1.6%
|{{DecreasePositive}}9.4%
|{{IncreaseNegative}}60.5%
|-
|2019
|{{Increase}}315.6
|{{Increase}}8,868
|{{Increase}}128.9
|{{Increase}}2.9%
|{{Increase}}0.2%
|{{IncreaseNegative}}10.2%
|{{DecreasePositive}}60.3%
|-
|2020
|{{Decrease}}296.4
|{{Decrease}}8,245
|{{Decrease}}121.4
|{{Decrease}}-7.2%
|{{Increase}}0.6%
|{{IncreaseNegative}}12.2%
|{{IncreaseNegative}}72.2%
|-
|2021
|{{Increase}}333.2
|{{Increase}}9,177
|{{Increase}}141.8
|{{Increase}}7.9%
|{{Increase}}1.4%
|{{DecreasePositive}}11.9%
|{{DecreasePositive}}68.9%
|-
|2022
|{{Increase}}359.7
|{{Increase}}9,808
|{{Decrease}}130.9
|{{Increase}}0.8%
|{{IncreaseNegative}}6.2%
|{{DecreasePositive}}11.1%
|{{IncreaseNegative}}70.3%
|}