Share the statistic on social media channels or embed the statistic in your website using "Embed Code", where available.
Share chart
Embed chart Embed copied!Cite this statistic and select one of the following formats: APA, Chicago, Harvard, MLA & Bluebook
The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
Morocco's GDP growth rate has varied significantly from 1961 to 2023, reflecting the country's economic developments and challenges. The late 1960s and early 1970s were marked by robust growth, with rates peaking at 10.8% in 1976, driven by agricultural output and industrial development. However, the country also experienced downturns, such as a -1.7% contraction in 1981, influenced by global economic fluctuations.
In the 1990s, Morocco experienced mixed growth, with fluctuations between positive and negative rates, peaking at 12.4% in 1996. The 2000s, marked by significant investments in infrastructure and tourism, brought more stable growth to the country. In the 2010s, Morocco's economy stabilized, achieving growth rates between 2.6% and 7.8%. The country’s diversification efforts, particularly in renewable energy and manufacturing, contributed positively. However, the COVID-19 pandemic caused a significant contraction of -7.2% in 2020, prompting the need for recovery strategies.
As of 2021, the economy rebounded with an 8.0% growth rate, followed by more modest growth of 1.3% in 2022. In 2023, projections suggest further growth at 3.2%, indicating a cautious but steady recovery trajectory for Morocco.
Connect with our expert team for immediate assistance or comprehensive market analysis. We are always ready to support your business needs.
