Morocco
The Moroccan economy is fairly well diversified. However, it remains vulnerable in two main areas: firstly, its external position is highly reliant on the euro zone; and secondly, private consumption is highly dependent on the agricultural sector.
Real GDP growth continues to be susceptible to volatile agricultural conditions, as well as slowing global trade and investment levels. An expected contraction in the agricultural sector, combined with a slight deterioration in the non-manufacturing industrial sector, is expected to weigh on overall economic growth prospects this year. Despite an improvement in the current account outlook thanks to low global oil prices, a lack of FDI inflows as well as limited external debt inflows will keep foreign reserves from rising this year. Politically, risk remains at low moderate on our risk scale. We expect labour issues in the public sector to be addressed by means of increased government spending, and for the social environment otherwise to stay generally uneventful, with sporadic strikes and marches having no effect on the overall environment. (Source: Morocco Annual Country Profile, published September 2019.)
Macroeconomic Data
(2018)
|
Fiscal Balance (as a % of GDP) |
-3.7 |
|
Consumer Price Index (% change y-o-y, avg) |
1.9 |
|
Current Account Balance (as a % of GDP) |
-5.4 |
|
Real GDP (annual % change) |
3.0 |
|
GDP per Capita, US$ |
3,290.5 |
|
Import Cover (months) |
5.3 |
|
Population, million |
36.0 |
| Total External Debt (as a % of GDP) |
43.5 |