Countries / North Africa / Morocco

Morocco

Lower-middle income · Import-dependent economy · Data availability: good

The region’s manufacturing and agriculture standout: automotive and aerospace exports, world-leading phosphate reserves, tourism, and deepening trade integration with Europe. Rainfall variability makes agriculture — and rural incomes — its swing factor.

Alerts · what moved recentlyAll signals →

Outlier

Morocco's real effective exchange rate index reached 93.5 in September 2026, about 6.1% below its 2016–2025 September average of 99.5. A gap that large has not appeared in the past 11 Septembers.

Prices & money · data through Sep 2026

Policy reform

Morocco enacted the 2024 budget settlement law.

Sep 14, 2026 · Ministère de l’Économie et des Finances

Vitals

Core figures — the latest value each source holds, the previous reading and the bloc median.

GDP

$182.4B

as of 2025

up from $160.6B (2024)

Maghreb median $57.5B

Real GDP growth

4.6%

as of 2025

up from 3.8% (2024)

Maghreb median 3.8%

Inflation, year-on-year

-0.3%

as of Aug 2026

up from -0.6% (Jul 2026)

GDP per person

$4,672

as of 2025

up from $4,153 (2024)

Maghreb median $6,051

Dimmed cards hold figures more than a year old. All of this country's data in the Database →

Quarterly report

Written once from the quarter's findings, then frozen.

All reports →

Q3 2026 · Morocco

MAR — Q3 2026 brief

Morocco’s goods exports reached $5.2 billion in June 2026, about 39% above their 2021–2026 average of $3.8 billion; a gap that large had not appeared in the preceding 58 months. That reading preceded the July endpoint of an inflation finding that was later replaced by a newer version: annual inflation had fallen for 3 straight months, from 1.67% in April 2026 to -0.59% in July 2026, a reported decline of 2.3 percentage points.

Read the full report

Editions

Q3 2026→

All publications

Signals & patterns

Everything MENACodex detects for this economy — the lead finding charted, the rest filtered by pattern and sector.

PatternSector

Outlier · Prices & money

Morocco's real effective exchange rate index reached 93.5 in September 2026, about 6.1% below its 2016–2025 September average of 99.5. A gap that large has not appeared in the past 11 Septembers.

Real effective exchange rate, broad basket (monthly) [BIS] (index (2020 = 100))93.51

Source: Bank for International Settlements (BIS) Data Portal · data through September 2026

OutlierMorocco's total reserves including gold reached $53.2 billion in July 2026, about 71% above its 2016–2025 July average of $31.1 billion. A gap that large has not appeared in the past 11 Julys.

data through July 2026

TrendMorocco's trade balance in goods and services at constant prices have fallen for 3 straight years, from -126.5 billion (local currency) in 2022 to -236.8 billion in 2025: a fall of 110.3 billion (local currency).

data through 2025

RecordMorocco's trade balance in goods and services showed a deficit of $16.7 billion in 2025, its largest in records going back to 1990.

data through 2025

TrendMorocco's short-term debt as a share of export earnings has fallen for 4 straight years, from 21.3% in 2020 to 10.9% in 2024: down 10 points.

data through 2024

TrendMorocco's gross savings as a share of GNI have risen for 3 straight years, from 27.3% in 2022 to 29.8% in 2025: up 2.5 points.

data through 2025

· Signal archive →

Briefs

Analysis pieces on Morocco, every number checked against the source.

All briefs on Morocco →

total reserves including gold

Morocco’s reserves rise 18% year-on-year, widening its external buffer

total reserves including gold (USD)53.2B

Oct 24, 2026 · 2 min read

Agenda Watch

Official decisions and what the news is reporting, with the original source named.

Date	Decision	Type	Source
Oct 20, 2026	The government adopted the 2027 Finance Bill, draft law no. 60.26.	Policy reform	Government Council of Morocco (finances.gov.ma)
Oct 17, 2026	Morocco approved the general guidelines for the 2027 finance bill.	Policy reform	Ministry of Economy and Finance (finances.gov.ma)
Oct 7, 2026	Morocco placed 3.7 billion dirhams of treasury cash in one-day repos.	Financing	Treasury and External Finance Department (finances.gov.ma)
Sep 24, 2026	The Treasury announced an exchange of Treasury securities.	Financing	Direction du Trésor et des Finances Extérieures (finances.gov.ma)
Sep 14, 2026	Morocco enacted the 2024 budget settlement law.	Policy reform	Ministère de l’Économie et des Finances (finances.gov.ma)

Development plan

New Development Model · what the government promised, its own latest figures, and how far they have come.

Full plan, all 14 goals ↓

People

2 of the plan's goals

Health workers per 1,000 people2.05 per 1,000

1.65 per 1,000 at startTarget 4.5 per 1,000

Women's labour-force participation19%

22% at startTarget 45%

Other goals

1 of the plan's goals

Income inequality (Gini index)0.41

0.4 at startTarget 0.35

The full plan: every goal, the government's figures and the independent series beside them

Development plan

New Development Model

Commission Spéciale sur le Modèle de Développement (royal commission) · launched 2021, horizon 2035 · 14 measurable goals, 3 with a reported figure, 0 reached · plan document

General report dated April 2021, presented to the King in May 2021. The report proposed a National Pact for Development and a royal monitoring body; as of early 2022 neither had been set up and no official progress report has been found. Implementation runs through the 2021–2026 government programme. A World Bank assessment in May 2026 found Morocco behind the pace the targets require.

Progress bars run from the baseline the plan now tracks to its current target. Government figures are as reported by the government; where an independent source measures the same thing, its figure is shown beside them.

1GDP per person (purchasing-power parity)No progress figure reported
$7,826 (PPP) (2019)
$16,000 (PPP) by 2035
Independent figure
World Bank — World Development Indicators, GDP per person at purchasing-power parity at constant prices: 9,495 in 2025
Check
No year is reported by both. The World Bank series is in constant 2021 PPP dollars; the base differs from the report's, so compare the pace, not the level.
Official status
No official figure against this goal. A World Bank assessment (May 2026) found Morocco behind the pace needed: income would double around 2044 at the current trajectory; 6.9% growth a year would be needed.
Tracked as
GDP per person (purchasing-power parity)
As printed in the plan
PIB par habitant (en dollars PPA), hypothèse de croissance moyenne annuelle > 6% (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
GDP per person in purchasing-power-parity dollars (HCP); the report assumes average growth above 6% a year. The PPP base year is not stated.
2Participation in global value chainsNo progress figure reported
43% (2019)
60% by 2035
Check
No independent source measures this goal. OECD TiVA; not in the catalogue.
Tracked as
Participation in global value chains
As printed in the plan
Indice de participation aux chaînes de valeur mondiales (amont et aval) (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
OECD trade-in-value-added measure: backward plus forward participation as a share of gross exports.
3Medium- and high-technology share of manufacturingNo progress figure reported
28% (2019)
50% by 2035
Independent figure
World Bank — World Development Indicators, medium and high-tech manufacturing value added: 28.3% in 2022
Check
No year is reported by both. Same UNIDO measure, but the World Bank's figures (41% in 2019) do not match the report's 28% baseline — a different vintage or definition; shown for direction.
Tracked as
Medium- and high-technology share of manufacturing
As printed in the plan
Valeur ajoutée industrielle de moyenne ou haute technologie (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
UNIDO measure (SDG 9.b.1): medium- and high-tech industry value added as a share of manufacturing value added.
4Human Capital IndexNo progress figure reported
0.5 (2020)
0.75 by 2035
Independent figure
World Bank — World Development Indicators, human capital index: 0.504 in 2020
Check
No year is reported by both. Same series; the World Bank has not updated it since 2020.
Tracked as
Human Capital Index
As printed in the plan
Indice de Capital Humain (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
World Bank Human Capital Index, 0–1 (0.504 in the 2020 edition).
5Health workers per 1,000 people2.05 per 1,000 people in 2025
1.65 per 1,000 people (2019)
4.5 per 1,000 people by 2035
As reported by the government
2020: 1.75 per 1,000 people (M24-HLTH, press report)2025: 2.05 per 1,000 people (M24-HLTH, press report)
Independent figure
World Bank — World Development Indicators, physicians: 0.74 per 1,000 in 2021
Check
No year is reported by both. The World Bank series counts physicians only; the goal counts doctors and nurses together.
Official status
2.05 per 1,000 in 2025 (doctors 0.87, nurses 1.18) per the Ministry of Health's 2020–25 review; 1.75 in 2020.
Tracked as
Health workers per 1,000 people
As printed in the plan
Densité de personnel soignant pour 1 000 habitants (ODD) (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
Doctors and nurses per 1,000 people (Ministry of Health; SDG 3.c.1).
615-year-olds with basic skills in reading, maths and scienceNo progress figure reported
27% (2019)
75% by 2035
Check
No independent source measures this goal. OECD PISA, per subject; not in the catalogue.
Official status
PISA 2022: 18% reached level 2 in maths and about 25% in science; PISA 2025 scores fell further (maths 355, reading 321, science 358). The OECD reports each subject separately, so no single figure matches the goal.
Tracked as
15-year-olds with basic skills in reading, maths and science
As printed in the plan
Élèves maîtrisant les bases de la lecture, les mathématiques et les sciences à l'âge de 15 ans (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
Share of 15-year-olds reaching PISA level 2 (OECD); the report gives one figure across the three subjects.
7Women's labour-force participation19% in 2025
22% (2019)
45% by 2035
As reported by the government
2021: 20.9% (HCP-LAB25)2024: 19.1% (HCP-LAB25)2025: 19% (HCP-LAB25)
Independent figure
World Bank — World Development Indicators, labor force participation rate, female: 19.7% in 2025
Check
The independent series measures something close but not the same; shown for context, not as a check. In 2025: government 19%, independent 19.7%. ILO modelled estimate; runs about a point above HCP's figure.
Official status
19.0% in 2025 and 19.1% in 2024 (HCP), down from 20.9% in 2021 — moving away from the target.
Tracked as
Women's labour-force participation
As printed in the plan
Taux d'activité des femmes (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
Share of women aged 15 and over in the labour force (HCP labour force survey).
8Formal jobs as a share of all employmentNo progress figure reported
41% (2019)
80% by 2035
Check
No independent source measures this goal. The ILO informality series covers non-agricultural employment on its own definition; not comparable.
Tracked as
Formal jobs as a share of all employment
As printed in the plan
Part de l'emploi formel dans l'emploi total (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
HCP measure of formal employment.
9Income inequality (Gini index)0.405 in 2022
0.395 (2014)
0.35 by 2035
As reported by the government
2019: 0.385 (LE360-25, press report)2022: 0.405 (LE360-25, press report)
Independent figure
World Bank — World Development Indicators, gini index: 39.5 in 2013
Check
No year is reported by both. Same measure; the World Bank's series holds only 2006 and 2013.
Official status
0.405 in 2022 (HCP household survey 2022–23), up from 0.385 in 2019.
Tracked as
Income inequality (Gini index)
As printed in the plan
Indice de Gini (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
HCP household survey Gini, 0–1. The report's 0.395 is HCP's 2014 figure; HCP put 2019 at 0.385.
10Desalinated and treated wastewater share of water useNo progress figure reported
0% (2019)
15% by 2035
Check
No independent source measures this goal. No international series.
Tracked as
Desalinated and treated wastewater share of water use
As printed in the plan
Part de l'eau dessalée et des eaux usées épurées dans la consommation totale d'eau (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
New national indicator defined by the Commission.
11Multidimensional local development indexNo progress figure reported
0.7 (2014)
0.85 by 2035
Check
No independent source measures this goal. National composite; no international series.
Tracked as
Multidimensional local development index
As printed in the plan
Indice de développement local multidimensionnel (IDLM) (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
ONDH composite index; national average 2014.
12Renewable share of energy consumptionNo progress figure reported
11% (2019)
40% by 2035
Independent figure
World Bank — World Development Indicators, renewable energy consumption as a share of the total: 10.9% in 2021
Check
No year is reported by both. Same series; the World Bank's latest figure is 2021 (10.9%).
Official status
The energy minister quoted 46% in 2025 (37% in 2021) for renewables in the 'national energy mix', a capacity-based figure not comparable with this goal.
Tracked as
Renewable share of energy consumption
As printed in the plan
Part du renouvelable dans la consommation totale d'énergie (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
Renewable share of total final energy consumption (World Bank measure, 10.7% in 2019). Not the share of installed capacity, which the government also quotes.
13Government effectiveness (Worldwide Governance Indicators)No progress figure reported
-0.12 (2019)
1 by 2035
Independent figure
World Bank — World Development Indicators, government effectiveness - governance estimate: 0.177 in 2025
Check
No year is reported by both. Same series.
Official status
0.18 in the 2024 edition (−0.02 in 2023), per the World Bank's indicator.
Tracked as
Government effectiveness (Worldwide Governance Indicators)
As printed in the plan
Government Effectiveness Index (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
World Bank Worldwide Governance Indicators estimate, −2.5 to 2.5.
14Online Services IndexNo progress figure reported
0.52 (2020)
0.9 by 2035
Check
No independent source measures this goal. UN DESA; not in the catalogue.
Official status
0.562 in the 2024 survey (0.472 in 2022).
Tracked as
Online Services Index
As printed in the plan
Online Services Index (OSI) (SYN-FR p.16 (Table 1); NMD-EN p.59)
Note
UN e-Government Survey online services component, 0–1 (0.5235 in 2020).

Explore the data

Every series we hold for Morocco, by sector — open one in the Database to chart it against its neighbours.

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Economy & growth

GDP, output, investment, savings · 244 series

Open indicators →Prices & money

Inflation, policy rate, money, exchange rate · 28 series

Open indicators →Trade & external

Exports, imports, reserves, current account · 55 series

Open indicators →Public finance

Revenue, spending, debt, balance · 55 series

Open indicators →Financial sector

Credit, banks, markets · 54 series

Open indicators →Energy & environment

Oil, gas, power, emissions · 97 series

Open indicators →Technology & infrastructure

Internet, mobile, transport · 34 series

Open indicators →People

Population, jobs, health, education · 49 series

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What has changed in Morocco recently?Signals, briefs and decisions, with their sources

What did last quarter add up to?Drawn from the quarterly report

What did the government decide this year?From the Agenda Watch record

How does Morocco compare with its neighbours?Any series against the bloc median