Moroccan Economy in 2023: A Remarkable 10% Growth

The Moroccan national economy recorded a Gross Domestic Product (GDP) at current prices of MAD 1,463.3 billion in 2023, reflecting a 10% increase compared to 2022, according to the High Commission for Planning (HCP).

• Financial and non-financial corporations accounted for 45.1% of GDP, remaining the top contributors.

• Public administrations contributed 15.2%, down from 16.3% in 2022.

• Households and non-profit institutions’ share grew to 29.6%, compared to 28.6% last year.

• Net taxes on production and imports rose by 0.5 points to 10.1% of GDP.

The gross national disposable income increased by 9.7% to reach MAD 1,575.6 billion, driven by:

• A 10.5% rise in corporate income.

• A 9.7% increase in household and non-profit institution income.

• An 8.9% rise in public administration income.

Household disposable income grew by 9.6%, reaching MAD 996 billion, with:

• 45% from wages (+5%).

• 40% from mixed income, including rents, which increased by 14%.

• 31.9% from property income and social transfers.

Taxes on income and wealth, along with social contributions, negatively impacted disposable income by 16.9%.

Final household consumption absorbed 88.9% of disposable income, resulting in a savings rate of 11.4%. Per capita income rose to MAD 26,903 (+8.5%), with purchasing power improving by 2.4 points despite a 6.1% rise in prices.