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Economy of Morocco

Morocco is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Morocco may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Morocco exports around $16.78 billion and imports roughly $38.66 billion. 9.3% of population in the country are unemployed. The total number of unemployed people in Morocco is 3,365,838. In Morocco, 15% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Morocco is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 5.6% of GDP. The Gini Index of the country is 40.9. Morocco is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Morocco has a Human Development Index (HDI) of 0.617. Morocco has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Morocco is 2.002. The strength of legal rights index for Morocco is 2. Overall, it is considered to be rather weak - bankrupcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible.

Currency

The currency of Morocco is Moroccan dirham. The plural form of the word Moroccan dirham is dirhams. The symbol used for this currency is د.م., and it is abbreviated as MAD. The Moroccan dirham is divided into Centime; there are 100 in one dirham.

Credit rating

The depth of credit information index for Morocco is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Morocco has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Morocco has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Morocco has a credit rating score of Ba1, and the prospects of this rating are stable.

Central bank

In Morocco, the institution that manages the state's currency, money supply, and interest rates is called Bank Al-Maghrib. Locally, the central bank of Morocco is called بنك المغرب. The average deposit interest rate offered by local banks in Morocco is 3.9%.

Public debt

The government debt of Morocco has not been calculated yet.

Tax information

The corporate tax in Morocco is set at 30%. Personal income tax ranges from 0% to 38%, depending on your specific situation and income level. VAT in Morocco is 20%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Morocco is $259240 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Morocco was last recorded at $7 million. PPP in Morocco is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Morocco is 103,836 billion. Based on this statistic, Morocco is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Morocco was last recorded at $3 million. The average citizen in Morocco has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Morocco averaged 3.5% in 2014. According to this percentage, Morocco is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Morocco.

Industry

Major industries in the country are automotive parts, phosphate mining and processing, aerospace, food processing, leather goods, textiles, construction, energy, tourism. The total labor force of Morocco is 12,714,230 people, wherein 9.3% of population in the country are unemployed. The total number of unemployed people in Morocco is 3,365,838. The Industrial Production growth rate of Morocco is 4.4%.To read more about industrial information within Morocco click on industry of Morocco.

Agriculture

There are 84797 km2 of arable land in Morocco, and it comprises 19% of the country's total territory. There are 93723 km2 of cultivated land in Morocco. The country's major agricultural crops and products are barley, wheat, citrus fruits, grapes, vegetables, olives, livestock, wine.To read more about agriculture click on agriculture of Morocco.