On the external front, Morocco’s open economy is highly exposed to international shocks and especially to adverse developments in the eurozone area. The top individual income tax rate is 38 percent, and the top corporate tax rate is 31 percent. Real GDP growth slowed down in 2018 to an estimated 3 percent compared to 4.1 percent in 2017, owing to the decline of agricultural value-added growth, which was only partially compensated by otherwise good performance of nonagricultural activities. Only about 30 percent of the land is registered in the formal system, and almost all of that is in urban areas. Economy - overview: Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy. b 2010. c 2017. d 2016. e 2000 Morocco has capitalized on its proximity to Europe and relatively low labor costs to work towards building a diverse, open, market-oriented economy. For example, Morocco’s Exports rank is higher than 69.35% of the countries in the dataset. Life expectancy at birth (years) n.a. Tribes collectively own more than one-third of the land. GDP per unit of energy use is the PPP GDP per kilogram of oil equivalent of energy use. During the first half of 2020, a sharp decrease—in remittances (-8.1%), tourism (-33.2%), and exports (-18.3%)—has had … See how Morocco compares to another country using any of the measures in the Index. Morocco - Morocco - Economy: As is true in many former African colonies, the Moroccan economy remains heavily dependent on the export of raw materials. The total government revenue (excluding grants) is 25.4 percent of GDP. Key sectors of the economy include agriculture, tourism, aerospace, automotive, phosphates, textiles, apparel, and subcomponents. Morocco World Economy Ranking: 61 stats Economic indicators provided by The World Bank. Morocco is ranked 9th among 14 countries in the Middle East and North Africa region, and its overall score is above the regional and world averages. No claims are made regarding the accuracy of Morocco Economy 2020 information contained here. The online platform for dealing with construction permits has been improved, and it is now possible to apply for and obtain certificates of conformity online. The US and China's margin is coming down in nominal ranking as China's gdp growth rate of 2020 (1.85%) is much higher than the US's -4.27%. Country rankings based on economic freedom. Morocco has topped the Africa ranking of the “Country Brand Awards” for the “Overall Category”, winning the gold medal in this Category. Exports of goods and services (39% of GDP in 2019), dependent on European economies, collapsed in … The rating agency S&P confirmed on Friday, October 2, 2020, the "BBB-/A3" rating of long and short-term sovereign credit in foreign and local currency of Morocco but revised downwards its outlook from "stable" to "negative". Morocco is considered to have great agricultural potential because it has vast amounts of arable land, nearly 33,000 square miles, and a temperate Mediterranean climate. According to the recent edition of the Economic Freedom Index, Morocco’s economy is the freest in North Africa. Morocco GDP. Current projections are that it will fall steadily to -2.3 percent by 2016. Morocco has undertaken substantial reforms under the leadership of His Majesty, King Mohammed VI, in all of the economic sectors that help to raise Morocco’s profile and allow it to position itself as a key player in development throughout Africa, Barley, wheat, citrus fruits, grapes, vegetables, argan, olives, livestock and wine are the country's main crops. The first is corruption, which undermines government integrity. This change indicates that the rating could be downgraded in … China currently has the world’s largest economy and the largest population of 1,415,045,928 people. The central government debt is 51.1 percent of GDP (2010; projected to be 54.2 in 2011 and 2012), and the total gross external debt is 12.0 percent of GDP (2010; projected to be 11.7 percent in 2011 and 2012). The credit rating is used by individuals and entities that purchase debt by governments to determine the likelihood that will pay its debt obligations. Home | Country Rankings | Graph The Data | Heat MapExplore the Data | Downloads | FAQs| About The Index. Government spending has amounted to 30.0 percent of total output (GDP) over the past three years, and budget deficits have averaged 3.8 percent of GDP. PPP GDP is gross domestic product converted to 2011 constant international dollars using purchasing power parity rates. King Mohammed VI remains the ultimate arbiter of power, but the political spectrum is increasingly polarised. Download historical data for 20 million indicators using your browser. This table lists the international rankings of Morocco, in all categories that are published in the CIA World Factbook, and those that we derived from them. As a result, the GCI scale changed to 1 to 100 from 1 to 7, with higher average score meaning higher degree of competitiveness. Morocco's market economy benefits from the country's relatively low labor costs and proximity to Europe, which aid key areas of the economy such as agriculture, light manufacturing, tourism, and remittances. The government subsidizes butane gas, fuel, sugar, and flour prices. Mohammed V University in Rabat is a dual-campus university in Morocco’s capital city. Trade Freedom 70.6 Create a Graph using this measurement, Investment Freedom 65.0 Create a Graph using this measurement, Financial Freedom 70.0 Create a Graph using this measurement. While Morocco is currently stable, it was ranked the 78th most-fragile country of 178 countries in the Fragile States Index published by the Fund for Peace, which considers cohesion, political, social and other factors in its ranking. Labor regulations are rigid. Morocco’s Alawite royal family dates from the 17th century. The United Kingdom, which has a $2.83 trillion GDP, is the sixth-largest economy in the …