CFI Data on Morocco

Morocco was the 58th largest economy in the world by nominal GDP in 2018. Its GDP per capita was $3,238 USD. Morocco is in North-West Africa. It is a Kingdom with a parliamentary democracy. It was ranked 98th in the World Bank's Human Capital Index and 99th in the Economic Complexity Index in 2017. Personal remittances were 5.8 percent of GDP in 2018. It is a member of the African Union. Services was the largest economic sector in 2017 (50 percent of GDP), followed by manufacturing (15.7 percent), and agriculture (12.4 percent). In 2017, the largest export sectors were services (37 percent), agriculture (14.2 percent), textiles (12.83 percent), and electronics (10.6 percent). The largest individual exports travel and tourism (16 percent), ICT services (14 percent), transport services (6.73 percent), insulated electrical wires (6.5 percent), and cars (6.2 percent). Its largest export partners were Spain (23.6 percent), France (19.1 percent), the USA (4.1 percent), Germany (3.8 percent), and Italy (3.65 percent). The largest goods imports were refined petroleum (9.32 percent), cars (4.31 percent), and petroleum gasses (3 percent). In the 18th century both Spain and France vied for influence over Morocco. In 1912, it became a French protectorate. Under the French, agriculture and administration developed but industry grew slowly. Morocco gained independence from France in 1956. After independence, the government pursued a nationalisation and import-substitution strategy. Between 1965 and 1972, the government invested heavily in infrastructure for agriculture. Between 1973 and 1977, nationalisation was intensified. These policies combined with droughts in the 1970s led to a rapid increase in public debt. In the 1980s, Morocco responded to the high debt with austerity measures and pro-market reforms, overseen by the IMF. In the 2000s and 2010s, the government diversified the economy and invested in infrastructure, including port facilities. It also entered into a free trade agreement with the EU. New industries include aerospace, automotive, and phosphates. Public debt began to increase again from 2008. The government has responded by eliminating subsidies for gasoline, diesel, and fuel oil and by reducing general expenditure. The country fared well during the upheaval of the Arab Spring in surrounding countries. Growth has been enabled by continued reforms and political reforms.