Markets Actual Q3 Q4 Q1 Q2 2022
Stock Market (points) 12166.09 11990 11819 11650 11483 11157
Currency 8.96 9 9.03 9.07 9.1 9.16

Overview Actual Q3 Q4 Q1 Q2 2022
GDP Annual Growth Rate (%) 1.00 4.5 5.3 2.3 3 3.4
Unemployment Rate (%) 12.50 13 12 11.7 11.5 11.5
Inflation Rate (%) 1.50 1.3 1 0.8 1 1.2
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Balance of Trade (MAD Million) -17705.00 -19000 -15977 -17500 -17100 -13000
Current Account (MAD Million) -8957.80 1700 -12000 -9000 -9000 -12000
Current Account to GDP (% of GDP) -1.50 -3.8 -3.8 -2.6 -2.6 -2.6
Government Debt to GDP (% of GDP) 77.40 79 79 81.3 81.3 81.3
Government Budget (% of GDP) -7.60 -7.2 -7.2 -6.7 -6.7 -6.7
Consumer Confidence (points) 63.00 66 72 70 74 74
Corporate Tax Rate (%) 31.00 31 31 31 31 31
Personal Income Tax Rate (%) 38.00 38 38 38 38 38

GDP Actual Q3 Q4 Q1 Q2 2022
GDP Annual Growth Rate (%) 1.00 4.5 5.3 2.3 3 3.4
GDP (USD Billion) 112.87 117 117 117 117 122
GDP Constant Prices (MAD Million) 251867.00 269577 255416 257660 259423 264100
Gross Fixed Capital Formation (MAD Million) 288162.00 347557 336036 303435 294790 313751
GDP per capita (USD) 3126.96 3240 3240 3240 3240 3350
GDP From Agriculture (MAD Million) 33160.00 30196 28206 33923 34155 29165
GDP From Construction (MAD Million) 12773.00 12643 11886 13067 13156 12290
GDP From Mining (MAD Million) 4232.00 4140 4543 4329 4359 4697
GDP From Public Administration (MAD Million) 21916.00 22179 32610 22420 22573 33719
GDP From Services (MAD Million) 32712.00 29500 30404 33464 33693 31438
GDP From Transport (MAD Million) 7767.00 6972 8447 7946 8000 8734
GDP From Utilities (MAD Million) 5998.00 6067 6071 6136 6178 6277

Labour Actual Q3 Q4 Q1 Q2 2022
Unemployment Rate (%) 12.50 13 12 11.7 11.5 11.5
Employed Persons (Thousand ) 10755.00 10300 10800 10840 11000 11000
Unemployed Persons (Thousand ) 1534.00 1540 1490 1520 1500 1500
Population (Million) 35.95 36.3 36.1 36.1 36.1 36.4
Employment Rate (%) 39.90 39.7 41 40.8 39.5 41.2
Youth Unemployment Rate (%) 32.50 32 31.3 30.8 31 31

Prices Actual Q3 Q4 Q1 Q2 2022
Inflation Rate (%) 1.50 1.3 1 0.8 1 1.2
Consumer Price Index CPI (points) 103.40 105 104 103 104 105
Producer Prices (points) 101.40 107 107 107 107 107
Food Inflation (%) 0.60 2.3 2.1 1.5 1.6 2
Inflation Rate Mom (%) -0.70 0.6 0.5 0.4 0.5 0.4
Core Inflation Rate (%) 1.30 1 1.2 0.9 1.3 1.5
CPI Transportation (points) 105.40 104 104 106 106 105

Money Actual Q3 Q4 Q1 Q2 2022
Interest Rate (%) 1.50 1.5 1.5 1.5 1.5 1.5
Money Supply M1 (MAD Million) 1024206.00 1018000 1005000 994000 990000 985000
Money Supply M2 (MAD Million) 1196472.00 1180000 1170000 1160000 1155000 1120000
Money Supply M3 (MAD Million) 1505344.00 1515000 1475000 1450000 1438000 1440000
Banks Balance Sheet (MAD Million) 1544570.00 1515000 1488000 1467000 1435000 1425000
Foreign Exchange Reserves (MAD Million) 304454.00 303000 310000 305000 299500 305000
Deposit Interest Rate (%) 2.90 2.9 3.1 2.9 2.9 2.9
Central Bank Balance Sheet (MAD Million) 389239.98 390000 400000 385000 375000 370000

Trade Actual Q3 Q4 Q1 Q2 2022
Balance of Trade (MAD Million) -17705.00 -19000 -15977 -17500 -17100 -13000
Current Account (MAD Million) -8957.80 1700 -12000 -9000 -9000 -12000
Current Account to GDP (% of GDP) -1.50 -3.8 -3.8 -2.6 -2.6 -2.6
Imports (MAD Million) 41541.00 45000 43500 42700 40000 40000
Exports (MAD Million) 23836.00 25300 26000 25600 26000 27000
Capital Flows (MAD Million) -8792.00 -5700 -6400 2000 -4000 -3500
Tourist Arrivals 7250000.00 9300000 9300000 9600000 9600000 9600000
Foreign Direct Investment (MAD Million) 16744.00 8500 6000 5200 6400 7000
External Debt (MAD Million) 577404.17 675000 650000 670000 675000 675000

Government Actual Q3 Q4 Q1 Q2 2022
Government Debt to GDP (% of GDP) 77.40 79 79 81.3 81.3 81.3
Government Budget (% of GDP) -7.60 -7.2 -7.2 -6.7 -6.7 -6.7
Government Spending (MAD Million) 227440.00 243257 223706 239494 232671 247637
Military Expenditure (USD Million) 4794.00 3450 3450 3450 3450 3470

Taxes Actual Q3 Q4 Q1 Q2 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 Q3 Q4 Q1 Q2 2022
Industrial Production (%) 0.90 3 1.4 1.6 2.4 2.6
Mining Production (%) 3.60 2.2 4 1.8 2.8 3

Consumer Actual Q3 Q4 Q1 Q2 2022
Consumer Confidence (points) 63.00 66 72 70 74 74
Consumer Spending (MAD Million) 628081.00 713300 679011 661369 642527 683856


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.