Morocco GDP Annual Growth Rate

Last Release

Dec 31, 2022

Actual

0.5

Units In

1.6

Frequency

Quarterly

Next Release

Oct 03, 2024

Time to Release

2 Months 30 Days 21 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 2.5% year-on-year in Q1 2024, easing from a 4.1% expansion in the previous quarter and a 3.9% rise in the same period of 2023. It was the weakest yearly economic growth rate since Q2 of 2023, with external sectors contributing negatively to the GDP as export growth (7.3%) was softer than the rate of imports (9.5%). At the same time, there were rises in household consumption (3%), government spending (3.9%), and fixed investment (4.6%). Production-wise, output grew for the non-agricultural sector (3.2%), mainly mining (17.7%), fishing (10.0%), finance & insurance (3.9%), transportation & storage (3.4%), utilities (3.0%), education, health, and social services (2.9%), construction and public works (2.5%), and manufacturing and real estate services advanced by 2.1% each. By contrast, agricultural sector shrank by 5.0%.