Panorama econòmic

Economic indicators

Despite facing a series of severe shocks—including the COVID-19 pandemic, a prolonged drought, inflation driven by high commodity prices, and a devastating earthquake—Morocco has shown remarkable economic resilience. This is largely due to a strong macroeconomic policy framework and proactive government measures. GDP grew at an estimated 3.2% in 2024, from 3.2% one year earlier. While domestic demand gained momentum, agricultural production recorded a decrease due to droughts. Economic activity is expected to accelerate to 3.9% in 2025, as agricultural output recovers and the non-agricultural sector continues to expand driven by strong domestic demand. This growth is expected to push the current account deficit towards its medium-term norm of around 3% (IMF).

Since the pandemic, Morocco has made gradual progress in improving its budgetary situation. Recent tax system and administration reforms have broadened the tax base while reducing the tax burden, resulting in higher-than-expected tax revenues in 2024. With only a small portion of the additional revenues being saved, the central government’s deficit for the year stood at 4.1% of GDP, slightly better than the 4.3% forecasted in the 2024 Budget. The 2025 Budget maintains the planned gradual fiscal adjustment, but higher-than-expected revenues should be used to speed up debt reduction to pre-pandemic levels. Morocco’s debt-to-GDP ratio was estimated at 68.7% in 2024 by the IMF (from 69.5% one year earlier), with a marginal reduction anticipated over the forecast horizon (66.9%). After peaking above 6% in 2023, inflation has slowed significantly in 2024, remaining below 2% since February, thanks to declining energy prices. However, a mild increase in headline inflation is expected after April 2025 due to the ongoing partial withdrawal of butane gas subsidies.

Morocco has a young population but continues to face challenges such as emigration, widespread labour market informality, low female participation, and rising unemployment, especially as many young people enter the workforce annually. A comprehensive set of measures, including improved incentives and enforcement, is needed to reduce informality. The unemployment rate is still high (estimated at 13.4% last year), but is expected to follow a downward trend in 2025 (12.6%) and 2026 (12.1% - IMF). According to the Moroccan Higher Planning Commission, unemployment particularly affects the youth (15-24 years of age – at 36.7% in 2024), recent graduates, and women (25.9% each). Despite the progress recorded in recent years, 6.4% of the population in Morocco is multidimensionally poor while an additional 10.9% is classified as vulnerable to multidimensional poverty (UNDP). Finally, the GDP per capita (PPP) was estimated at USD 10,615 in 2024 by the IMF.

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