Morocco: economy

What is Morocco's GDP growth rate?

Morocco's economy grew by 4.0% in the second quarter of 2026 compared with the same quarter of 2025, according to the High Commission for Planning (HCP). Growth in the second quarter of 2025 had been 5.8%. Non-agricultural activities slowed from 4.9% to 1.5%, while agricultural value added rose by 21.2%.

HCP compares each quarter with the same quarter a year earlier, so the figure is not an annualised rate. Farming has a large weight in Moroccan growth and depends on rainfall, which is why agricultural and non-agricultural growth are shown separately. In the second quarter, value added in mining and quarrying fell by 28.6%. Quarterly accounts are revised when HCP publishes the annual accounts.

Official sources: HCP: Situation économique nationale au deuxième trimestre 2026

What is the inflation rate in Morocco?

Consumer prices in Morocco were 0.3% lower in August 2026 than in August 2025, according to the High Commission for Planning's consumer price index for August 2026. Food prices were 3.9% lower over the year, while non-food prices were 2.5% higher. Between July and August 2026 the index rose by 0.8%.

Core inflation, which leaves out volatile items and regulated prices, was 0.1% over the year. HCP publishes the index monthly, with a breakdown for 18 cities. Bank Al-Maghrib's September 2026 statement says inflation averaged 0.3% over the first eight months of 2026 and forecasts 0.7% for the full year and 1.5% for 2027.

Official sources: HCP: Indice des prix à la consommation, août 2026 · Bank Al-Maghrib: Board meeting press release, 22 September 2026

What is Morocco's central bank interest rate?

Bank Al-Maghrib's key policy rate is 2.25%. The bank's Board kept it unchanged at its meeting on 22 September 2026, according to the Bank Al-Maghrib press release. The Board cited a very high level of uncertainty, moderate inflation over the medium term and an expected pick-up in non-agricultural activity.

The Board meets once a quarter and says it decides meeting by meeting on the latest data. The key rate is the rate on the bank's main refinancing operations with commercial banks, and it feeds through to interbank and lending rates. Bank Al-Maghrib publishes average bank lending rates by type of loan in its quarterly lending rate survey.

Official sources: Bank Al-Maghrib: Board meeting press release, 22 September 2026

How much does Morocco export?

Morocco exported goods worth 334.9 billion dirhams in January to August 2026, 8.7% more than in the same months of 2025, according to the Office des Changes. The automotive sector was the largest export sector at 116.1 billion dirhams, up 14.5%. Phosphates and derived products came to 61.1 billion dirhams, down 6.0%.

The figures come from customs declarations and are provisional. The monthly indicators bulletin also gives services trade: services exports rose by 12.6% over the same period, and travel receipts from visitors reached 97.9 billion dirhams. Annual figures, which are revised, are published in the Office des Changes' foreign trade yearbook.

Official sources: Office des Changes: Indicateurs des échanges extérieurs à fin août 2026 · Office des Changes: Indicateurs mensuels, août 2026 (PDF)

What is Morocco's trade deficit?

Morocco's goods trade deficit was 282.6 billion dirhams in January to August 2026, 25.4% larger than a year earlier, according to the Office des Changes monthly indicators for August 2026. Imports rose by 15.8% to 617.5 billion dirhams, faster than exports. Exports covered 54.2% of imports, against 57.7% a year earlier.

The goods deficit is partly offset by a surplus on services, which the Office des Changes puts at 118.3 billion dirhams over the same months, and by remittances from Moroccans living abroad. Bank Al-Maghrib expects the energy bill to rise by 28.4% in 2026 to 138.1 billion dirhams and the current account deficit to widen to 4.6% of GDP.

Official sources: Office des Changes: Indicateurs mensuels, août 2026 (PDF) · Bank Al-Maghrib: Board meeting press release, 22 September 2026

What is Morocco's GDP growth forecast for 2026 and 2027?

Bank Al-Maghrib projects that Morocco's economy will grow by 4.4% in 2026 and 2.9% in 2027, after 4.9% in 2025, according to its Board statement of 22 September 2026. It expects agricultural value added to rise by 16% in 2026, based on a cereal harvest estimated at 93 million quintals, and to fall by 7.6% in 2027 if the harvest returns to an average 50 million quintals.

The High Commission for Planning's short-term outlook, published on 14 October 2026, expects growth of 4.1% in the third quarter and 4.7% in the fourth. Forecasts depend on rainfall and energy prices and are updated each quarter.

Official sources: Bank Al-Maghrib: Board meeting press release, 22 September 2026 · HCP: Note de conjoncture, deuxième trimestre 2026

Is Morocco's economy growing?

The latest figure from the World Bank, for 2025, is 4.6%. Its high point since 2005 was 2021, at 8.2%; its low point was 2020, at -7.2%. Middle East, North Africa, Afghanistan & Pakistan median: 3.5%; Morocco is 3rd highest of 17. Worldwide: 52nd of 180.

How rich is Morocco per person?

The World Bank puts GDP per person in Morocco at $4,672 in 2025. That is the highest since at least 2005. It is 12th highest of 17 in Middle East, North Africa, Afghanistan & Pakistan, where the median is $6,051. Worldwide: 116th of 180.

What is Morocco's GDP per capita at PPP?

$11,112 in international dollars: that is GDP per person at purchasing power parity in Morocco for 2025, according to the World Bank. It is the top of the series, which starts in 2005. Across Middle East, North Africa, Afghanistan & Pakistan the middle value was $19,699 in international dollars, and Morocco placed 15th highest of 17. Of 179 countries with 2025 data, 120th highest.

What share of Morocco's economy is exports?

According to the World Bank, exports of goods and services in Morocco was 42.0% of GDP in 2025. The peak was 44.7% of GDP in 2022 and the low 25.7% of GDP in 2009. It is 5th highest of 11 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 29.7% of GDP. World rank, highest first: 51st of 133.

What is Morocco's current account balance?

In 2025, the current account balance in Morocco was -2.5% of GDP, according to the IMF, which is a deficit. Its high point since 2005 was 2006, at 1.9% of GDP; its low point was 2012, at -9.0% of GDP. Middle East, North Africa, Afghanistan & Pakistan median: -0.6% of GDP; Morocco is 9th highest of 12. Worldwide: 78th of 132.

How much foreign investment does Morocco receive?

According to the IMF, net inflows of foreign direct investment in Morocco was 1.8% of GDP in 2025. Its high point since 2005 was 2007, at 3.2% of GDP; its low point was 2023, at 0.7% of GDP. It is 9th highest of 17 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 1.8% of GDP. Of 179 countries with 2025 data, 98th highest.