Morocco GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

0.5

Units In

1.6

Frequency

Quarterly

Next Release

Apr 03, 2025

Time to Release

2 Months 28 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
15.2 Jun 2021	-14.2 Jun 2020	3.5 %	1999-2022	Haut Commissariat au Plan

Morocco is the sixth largest economy in Africa. The Services sector is the most important and accounts for 54 percent to total GDP. The biggest segments within Services are: wholesale and retail trade (9 percent of total GDP); public administration (9 percent); transport (4 percent); and hotels and restaurants (2 percent). Industry accounts for 23 percent of the GDP and the largest segments within this sector are: manufacturing (15 percent of total GDP); construction (5 percent); electricity and water supply (2 percent); and mining (2 percent). The Agriculture sector accounts for 13 percent of GDP.

Latest Updates

Morocco's GDP grew by 4.3% year-on-year in Q3 2024, accelerating from a 2.4% rise in Q2 and marking the fastest growth since Q4 2021. A surge in domestic demand and controlled inflation supported the upturn. There were rises in household consumption (3.9%), government spending (3.8%), and fixed investment (13.5%). However, the external sector contributed negatively to GDP, as exports of goods and services (9.8%) rose less than imports (12.9%). On the production side, output expanded for non-agricultural activities (5.1%), mainly driven by the extraction industry (15.9%), manufacturing (7.5%), and construction (6.9%), while the agricultural sector shrank by 5.2%. Conversely, the agricultural sector contracted by 5.2%.