In 2019, Oxfam published a report describing Morocco as the most unequal country in Northern Africa. Morocco’s economy is an important actor of the Mediterranean market, heavily reliant on exports of citruses and other agricultural products, as well as phosphates. It is a member of the Arab League and the Union for the Mediterranean. Morocco claims unrecognized authority over the Western Sahara.
Form of Government
Parliamentary Constitutional Monarchy
Head of State and Government
King Mohammed VI; Prime Minister Saadeddine Othmani
GDP per capita
In 2010-2020, Morocco’s average GDP growth rate was 2.6%. In 2020, it was heavily wounded by COVID-19, declining by 9.1% since 2019. In 2019, Foreign Direct Investments in Morocco reached $1.6 billion, the majority coming from Ireland and South African Sanlam group. The top investments recipient was the insurance sector with more than 21% of total inflows, followed by the manufacturing industry.
Morocco is the 11th most populous country in Africa. About 13 million tourists visited the country in 2019, thus generating $7.4 billion. It has one of the highest literacy rate of the 15-24 years old population in Africa — 98% in 2018. The unemployment rate was 11.9% in 2020 (+2.5% since 2019).
Morocco is the world’s first exporter of phosphates with the largest proved reserves. It is a strong regional agricultural exporter (citruses, tomatoes, olive oil, etc.). Almost half of the population (42%) is employed in textile industry. Moroccan pharmaceutical industry has the 3rd turnover in Africa behind South Africa and Algeria with $900 million in 2019.
In March 2018, ROSGEO announced that its research vessel «Academician Primakov» had successfully conducted the 3D seismic, detailing the geological structure of the subsurface areas within BOS183D field (1,000 sq. Km) on the shelf of Morocco. The survey was carried out by the shore of unrecognized Sahrawi Arab Democratic Republic (SADR, Western Sahara), the city […]
Agreement with Afreximbank for VEB’s participation in the trade promotion program as a confirming bank
On October 23, 2019, within the framework of the Russia-Africa Economic Forum, VEB.RF and Afreximbank signed an agreement on general rules and conditions for VEB’s participation in Afreximbank’s Trade Confirmation Guarantee Program as a confirming bank. The document was signed by the Deputy Chairman of VEB.RF Daniil Algulyan and the Executive Vice President of Afreximbank […]