Morocco: Average Economic Growth of 4.5% Expected Between 2021 and 2025

The national economy recorded an average growth of 4.5% during the period from 2021 to 2025, compared to 2.4% between 2017 and 2021, according to a government action assessment document.

This growth was primarily driven by a positive trend in non-agricultural activities, which saw an average value-added growth rate of 4.5% during the 2021-2025 period, as indicated in the document.

According to the same source, this performance was supported by an exceptional public investment effort of 380 billion dirhams (MAD) in 2026, compared to 230 billion MAD in 2021, as well as a notable improvement in domestic demand, which recorded an average annual growth rate of 5.2% from 2021 to 2025.

Furthermore, the total number of non-agricultural jobs created between 2021 and 2025 reached 850,000 positions, averaging 170,000 jobs annually, compared to 90,000 between 2016 and 2021 and 64,000 between 2011 and 2016. This dynamic largely compensated for the annual loss of 105,000 agricultural jobs, primarily due to the impacts of drought during the same period. On the inflation front, the rate dropped from 6.6% in 2022 to 0.8% in 2025, according to data from the High Commission for Planning (HCP).

In terms of public finance sustainability, tax revenues reached 342 billion MAD in 2025 (+59% compared to 2021). The average annual growth rate for the period 2022-2025 was 19.7% for corporate tax, 10.6% for value-added tax (VAT), and 10.3% for income tax.

The budget deficit is projected to stand at 3% of GDP in 2026, down from 3.5% in 2025 and 5.5% in 2021. The Treasury’s debt is expected to be 65.9% of GDP in 2026, compared to 67.2% in 2025 and 71.4% in 2022.

In terms of external trade, foreign investment revenues reached 56 billion MAD in 2025, up from 32.5 billion MAD in 2021, while official reserves amounted to 443.3 billion MAD, covering 5 months and 23 days of imports.

Tourism revenues stood at 138 billion MAD in 2025, compared to 78.7 billion MAD in 2019, while transfers from Moroccans living abroad totaled 122 billion MAD, up from 93.3 billion MAD in 2021.

As for goods exports, they reached 469 billion MAD in 2025, up from 284 billion MAD in 2019. The coverage rate of goods and services exchanges was 82.6% in 2025, compared to 80.3% in 2019.

Regarding the current account deficit, it improved to 1.2% of GDP in 2024, down from 3.6% in 2022, according to data from the Foreign Exchange Office.

In terms of financial credibility, the Kingdom exited the Financial Action Task Force (FATF) “gray list” of enhanced monitoring in 2023. It also regained its “investment grade” rating in September 2025, confirmed on March 27, 2026.

Additionally, the International Monetary Fund (IMF) commended the dynamism and resilience of the Moroccan economy following its visit to Morocco between January and February 2026.

Similarly, Morocco’s credit rating was upgraded by Moody’s in March 2026, moving from a stable outlook to a positive outlook for long-term debt.