Economic Overview
Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy.
Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents.
Morocco has increased investment in its port, transportation, and industrial infrastructure to position itself as a center and broker for business throughout Africa. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness.
Morocco also seeks to expand its renewable energy capacity with a goal of making renewable more than 50% of installed electricity generation capacity by 2030.
Main Economic Data
| 2015 | 2016 | 2017 | 2018 | 2019 |
| Population (million) | 34.1 | 34.5 | 34.9 | 35.2 | 35.6 |
| GDP (USD billion) | 102 | 104 | 110 | 117 | 120 |
| GDP per capita (USD) | 2,975 | 3,003 | 3,159 | 3,318 | 3,364 |
| Economic Growth (GDP, annual variation in %) | 4.5 | 1.1 | 4.2 | 3.1 | 2.5 |
| Unemployment Rate (%) | 9.6 | 9.9 | 10.2 | 9.7 | 9.3 |
| Inflation Rate (CPI, annual variation in %) | 1.6 | 1.6 | 0.8 | 2.0 | 0.2 |
| Trade Balance (USD billion) | -14.7 | -17.6 | -18.0 | -20.3 | -20.0 |
| Exports (USD billion) | 18.6 | 19.1 | 21.5 | 24.6 | 24.7 |
| Imports (USD billion) | 33.3 | 36.7 | 39.5 | 44.9 | 44.7 |