Consumer prices on the rise
Morocco's consumer price index (CPI), a general price index of a basket of consumer goods and services, has generally increased in recent years. Moreover, prices are expected to grow further in the country, with the CPI rising from 103.9 points in 2022 to over 111 index points in 2026. Concurrently, the inflation rate was measured at 4.4 percent in 2022, increasing significantly compared to 1.4 percent in the previous year. Food prices in the country have risen considerably in recent times. In June 2022, the food inflation rate stood at 15 percent compared to the same month in 2021.A service-oriented country
The economy of Morocco mainly relies on services. In 2021, the service sector employed more than 40 percent of the country's workforce and contributed to around half of the country's GDP. In contrast, the industrial and agricultural sectors accounted for approximately 27 percent and 13 percent of the economy, respectively. Within services, the tourism industry is a key economic contributor in Morocco, as it was forecast to make up eight percent of the GDP in 2022.High import trade
Morocco has constantly registered a negative trade balance in recent years, with a deficit reaching 22 billion U.S. dollars in 2021. In fact, the country imports goods in larger quantities than it exports. Morocco relies significantly on the import of petroleum oils and gases, which are among the most imported commodities. On the other hand, the main products exported are electrical machinery and equipment, vehicles, and fertilizers. France and Spain are the leading export partners for the Kingdom.
