Morocco | Economic Forecasts | 2017-2020 Outlook

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.


Overview Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 4.20 5.5 5.2 4.8 4.4 4.3 percent [+]
Unemployment Rate 9.30 9.5 10.2 9.7 9.8 9 percent [+]
Inflation Rate 0.40 0.6 0.9 1 1.2 2 percent [+]
Interest Rate 2.25 2.25 2.25 2.25 2.25 1.75 percent [+]
Balance of Trade -15396.00 -15562 -15339 -15119 -14908 -13353 MAD Million [+]
Government Debt to GDP 64.70 65.7 67 67 67 70 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 9.41 9.38 9.28 9.19 9.09 8.05 [+]
Stock Market 12368.27 12300 12200 12100 12000 10600 points [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 4.20 5.5 5.2 4.8 4.4 4.3 percent [+]
GDP Annual Growth Rate 4.80 4.3 3.5 3 4.2 5.5 percent [+]
GDP 101.45 100 99.05 97.7 96.35 89.6 USD Billion [+]
GDP Constant Prices 235890.00 235638 234303 234828 234031 232183 MAD Million [+]
Gross Fixed Capital Formation 306910.00 322685 325094 327502 329911 350638 MAD Million [+]
GDP per capita 3196.00 3267 3269 3272 3274 3323 USD [+]
GDP per capita PPP 7265.80 7424 7422 7421 7419 7471 USD [+]
Gdp From Agriculture 31527.00 30479 29915 29465 29155 27131 MAD Million [+]
Gdp From Construction 11586.10 11439 11332 11427 11407 10992 MAD Million [+]
Gdp From Mining 3935.80 3615 3401 3152 2966 3102 MAD Million [+]
Gdp From Public Administration 19280.70 19078 19003 18915 18836 18098 MAD Million [+]
Gdp From Services 28059.90 28045 27930 27808 27678 26462 MAD Million [+]
Gdp From Transport 8684.90 8646 8622 8596 8572 8362 MAD Million [+]
Gdp From Utilities 4894.10 4780 4754 4734 4718 4672 MAD Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 9.30 9.5 10.2 9.7 9.8 9 percent [+]
Employed Persons 10958.00 10685 10763 10879 10787 10748 Thousand [+]
Unemployed Persons 1123.00 1200 1244 1184 1198 1211 Thousand [+]
Population 34.70 35.5 35.8 35.8 35.8 36.8 Million [+]
Youth Unemployment Rate 23.50 22.71 24.19 23.38 22.85 22.75 percent [+]
Employment Rate 47.30 42.2 43.07 46.47 43.17 43.05 percent [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 0.40 0.6 0.9 1 1.2 2 percent [+]
Consumer Price Index CPI 118.70 118 118 118 118 117 Index Points [+]
Producer Prices 107.10 106 106 105 104 103 Index Points [+]
Food Inflation -0.70 0.49 0.86 1.02 1.09 1.14 percent [+]
Inflation Rate Mom 0.80 0.04 0.17 0.11 0.14 0.13 percent [+]
CPI Transportation 110.70 110 110 110 109 108 Index Points [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 2.25 2.25 2.25 2.25 2.25 1.75 percent [+]
Money Supply M1 781341.00 789307 789971 789967 789787 787614 MAD Million [+]
Money Supply M2 931746.00 944556 946792 947453 947504 944860 MAD Million [+]
Money Supply M3 1237698.00 1251974 1255823 1257072 1257288 1253664 MAD Million [+]
Foreign Exchange Reserves 229850.00 231223 230151 229637 229077 224259 MAD Million [+]
Banks Balance Sheet 1289923.00 1302711 1302742 1302047 1301131 1292230 MAD Million [+]
Deposit Interest Rate 3.50 3.43 3.44 3.45 3.47 3.55 percent [+]
Central Bank Balance Sheet 309611.60 309710 309518 309120 308696 304919 MAD Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade -15396.00 -15562 -15339 -15119 -14908 -13353 MAD Million [+]
Exports 17578.00 17374 17130 16893 16666 14991 MAD Million [+]
Imports 32974.00 33069 32783 32511 32247 30129 MAD Million [+]
Current Account -24152.60 -17721 -11834 -20870 -9826 -15274 MAD Million [+]
Current Account to GDP -4.20 -3.7 -3.2 -3.2 -4.17 -2.5 percent [+]
Capital Flows -20786.40 -12937 -6966 -11148 -6314 -2465 MAD Million [+]
Tourist Arrivals 10331731.00 10318500 10229875 10141250 10052625 9506800 [+]
Gold Reserves 22.05 22.04 22.04 22.04 22.04 22.03 Tonnes [+]
Terrorism Index 0.89 2.66 2.75 2.83 2.92 2.26 [+]
Crude Oil Production 0.20 0.2 0.2 0.2 0.2 0.2 BBL/D/1K [+]
Foreign Direct Investment 9264.00 6175 6064 5903 5473 5349 MAD Million [+]
External Debt 480293.54 494802 495175 494682 493370 462342 MAD Million [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 64.70 65.7 67 67 67 70 percent [+]
Government Budget -4.10 -3.5 -3.2 -3.2 -3.2 -3.3 percent of GDP [+]
Government Spending 195598.00 207832 208775 209718 210662 227245 MAD Million [+]
Military Expenditure 3292.60 3292 3276 3260 3245 3177 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Industrial Production 1.70 1.17 2.54 2.73 2.8 1.87 percent [+]
Changes in Inventories 29014.00 23077 22540 22003 21466 19315 MAD Million [+]
Steel Production 45.00 39.69 39.12 38.99 38.97 38.96 Thousand Tonnes [+]
Competitiveness Index 4.24 4.22 4.22 4.22 4.22 4.18 Points [+]
Competitiveness Rank 71.00 70 70 70 70 72 [+]
Ease of Doing Business 68.00 70 71 72 73 89 [+]
Corruption Index 37.00 35 35 35 35 35 Points [+]
Corruption Rank 90.00 84 83 83 82 78 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 85.80 84.66 82.78 81.25 80.15 79.22 [+]
Consumer Spending 582809.00 593839 594751 595664 596576 592646 MAD Million [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 31.00 31.55 31.66 31.77 31.88 32.38 percent [+]
Personal Income Tax Rate 38.00 38.55 38.69 38.82 38.96 40.37 percent [+]
Sales Tax Rate 20.00 20 20 20 20 20 percent [+]
Social Security Rate For Companies 18.50 18.26 18.2 18.15 18.1 17.58 percent [+]