Morocco flag

Morocco

Kingdom of Morocco
Arabic • Amazigh • French widely used Currency MAD Civil law with Islamic law influence EU AA • US FTA • AfCFTA signatory pending ratification

Diversified North African economy with scale in automotive manufacturing, phosphate based chemicals, agri food, tourism, logistics, and fast growing renewables. Very large modern port at Tanger Med links Africa with Europe and the Americas. Inflation is currently low by regional standards, Bank Al Maghrib policy rate stands at 2.25 percent, and a gradual exchange rate flexibility remains in place under the euro and US dollar basket.

Overview

Morocco anchors a competitive manufacturing and services base for Europe, Africa, and the Middle East. Automotive platforms, aeronautics, agri food, textiles, and phosphate derived fertilizers drive exports. Logistics strength rests on Tanger Med and nationwide expressways and rail. A new Investment Charter supports private capital with targeted incentives, while the energy plan scales solar and wind for industry and data infrastructure.

Snapshot

Population
~38.1 M 2024
World Bank
GDP current USD
$154.4 B 2024
World Bank series
GDP per Capita
$3.99 K 2024
World Bank
Inflation y over y
~0.5% Jul 2025
HCP and news wires
Policy Rate
2.25% Jun 2025
Bank Al Maghrib and Reuters
Internet Use
91% 2023
World Bank ITU series
Electrification
~100% 2023
World Bank
Market Note
Casablanca Stock Exchange
Exchange

Focus Sectors

Automotive and wiring systems Aeronautics Phosphates and fertilizers Agri food and fisheries Textiles and apparel Solar and wind power IT BPO and data centers Logistics and ports Electronics and assembly Construction materials

Trade

Top Export Partners 2023

  • Spain19.6%
  • France19.1%
  • India6.4%
  • Italy4.5%
  • Brazil4.0%
WITS snapshot 2023

Top Export Goods

Vehicles and parts Electrical wires and cables Fertilizers and phosphoric acid Apparel Agri food

Top Import Partners 2023

  • Spain14.1%
  • France10.6%
  • China10.0%
  • United States7.4%
  • Saudi Arabia6.5%
WITS snapshot 2023

Top Import Goods

  • Refined petroleum and gasmajor share
  • Wheatlarge share
  • Vehicles and partssignificant
  • Electrical machinerysignificant
  • Chemicals and plasticssignificant
OEC and WITS 2023

Finance and Capital Markets

Currency and Policy

  • CurrencyMoroccan Dirham MAD
  • Monetary policy rate2.25%
  • FX regimeBasket based regime with wider band
Bank Al Maghrib and Reuters

Markets

  • ExchangeCasablanca Stock Exchange equity and debt
  • Financial hubCasablanca Finance City platform
Exchange and media reports

Regulations and Taxes

Start a Business

  1. Check name and prepare statutes — OMPIC
  2. Register company via Regional Investment Center or online
  3. Tax registration and e filing — DGI tax.gov.ma
  4. Open bank account and subscribe capital
  5. Social security affiliation — CNSS Damancom
  6. Sectoral licenses as required
OMPIC and DGI and CNSS

Key Taxes

  • Corporate Income Taxcommon rate 20% under reform, higher for banks and large caps
  • VAT standard20%
  • WHT dividends11.25% 2025 transitional toward 10%
  • Other WHTper PwC schedule
PwC WWTS Morocco

Talent

Median Age
~30 yrs
UN and World Bank
Adult Literacy
~74 to 75%
World Bank
Tertiary Enrolment
~17 to 20% gross
World Bank UIS
Languages
Arabic and Amazigh official, French in business
Gov and OECD

Policy

  • Investment Charterin force, incentives and governance for private capital
  • Trade frameworksEU Association Agreement and US FTA, AfCFTA signatory pending ratification
  • FX frameworkbasket with wider band as flexibility advances
  • Energylarge solar and wind build out, industrial decarbonisation
UNCTAD and BAM and ministries

Risks

  • Climate and droughtimpact on agriculture and water
  • External demandexposure to EU cycles
  • Energy importsimport bill sensitivity to fuel prices
HCP and IMF

Resources

OMPIC company services DGI tax portal CNSS social security AMDIE Morocco Now WITS trade snapshot OEC country profile Bank Al Maghrib decisions Investment Charter note

Links open in a new tab.

Data Notes
Population, GDP, per capita, internet users, and electrification from World Bank indicators. Inflation latest month from High Commission for Planning series as covered by Trading Economics and press. Policy rate from Bank Al Maghrib decision and Reuters. Trade partners and goods from WITS 2023 and OEC profile. Taxes from PwC Worldwide Tax Summaries 2025. FX framework from Bank Al Maghrib notes on the exchange rate regime.