Morocco Company & Beneficial Ownership Directory

Analysis

What this data actually tells you about Morocco

Morocco’s economy grew an estimated 4.9% in 2025, per IMF estimates, driven by an agricultural rebound and large-scale infrastructure investment — a substantial upward revision from an earlier April 2025 IMF projection of 3.9%, illustrating how much the agricultural recovery from a prolonged drought revised the outlook over the course of the year; the IMF’s March 2026 Article IV consultation projects growth moderating to 4.4% in 2026 and 4.5% in 2027, assuming normalized agricultural production continues, while the African Development Bank’s outlook is somewhat more conservative at 4.2% for 2026. Agriculture’s outsized swing effect on Morocco’s headline GDP is structural: roughly one-sixth of the economy is agriculture, but only about one-fifth of farmland is irrigated, making output highly rain-dependent; Morocco endured a 2019-2025 multi-year drought, with 2023 the driest year in at least eight decades, rainfall more than 48% below the national average, estimated to have cut cumulative economic output by roughly 7% over the drought period. Inflation has been very low, averaging about 0.76% in 2025, as low as 0.1% in October 2025, the lowest since March 2021, before picking up to 1.7% in April 2026 and easing to 1.2% by May 2026, driven largely by transport costs; Bank Al-Maghrib has held its key policy rate at 2.25%. The Moroccan dirham trades under a managed float band that has been progressively widened since 2018, the current exact band width was not independently confirmed in this research and should not be cited without further verification, with USD/MAD trading around 9.28-9.36 in March-April 2026. On April 2, 2025, the IMF Executive Board approved a new two-year, approximately $4.5 billion Flexible Credit Line arrangement for Morocco, which authorities have stated they intend to treat as precautionary rather than draw down, and the IMF completed its 2026 Article IV consultation and FCL mid-term review on March 20-23, 2026, reaffirming Morocco’s qualifying ‘very strong’ institutional and policy framework.

Automobiles have been Morocco’s largest export category since 2014: in 2025, automotive exports reached MAD 151 billion, approximately $16.1 billion, about 11% of GDP, though this actually fell around 2% year-over-year as European demand slowed, while a more recent partial-year figure showed automotive exports up 14.9% to $11.45 billion by July 2026, different measurement windows that should not be directly compared. Renault produced 394,474 vehicles in Morocco in 2025, 82% exported to 63 countries, making Morocco the company’s second-largest production country by volume after France, while Stellantis committed an additional €1.2 billion to its Kenitra plant in 2025, raising annual capacity to approximately 535,000 vehicles with 69% local integration; Morocco is now Africa’s largest vehicle exporter, with combined installed capacity approaching one million vehicles per year across more than 270 suppliers. Morocco, through OCP Group, controls more than 70% of the world’s known phosphate rock reserves and is the world’s largest phosphate and fertilizer exporter; OCP’s 2025 revenue rose 17% year-over-year to approximately MAD 114 billion, roughly $11.4 billion, with phosphates and derivatives Morocco’s second-largest export category at MAD 100 billion, approximately $10.7 billion, about 6% of GDP, up 15% on stronger Indian demand. Morocco’s overall merchandise trade deficit reached MAD 352 billion, approximately $37.5 billion, equal to 21% of GDP, in 2025, widening 15.5% on 2024 as imports rose 8% against only 3% export growth; Spain was Morocco’s top export destination in 2025 (21.5% of exports), followed by France (18.9%). The 2030 FIFA World Cup, confirmed December 11, 2024 as a co-hosting arrangement with Spain and Portugal, will use 6 Moroccan venues; Morocco is allocating MAD 52 billion, approximately $5 billion, to sports infrastructure specifically, centered on a planned 115,000-capacity Grand Stade Hassan II near Casablanca, with officials reporting nearly 80% of the World Cup infrastructure program already complete after Morocco’s 2025 Africa Cup of Nations hosting served as a dry run. On renewable energy, Morocco reached 45.5% renewable installed electricity capacity by mid-2025, en route to a 52%-by-2030 target set at COP21 in 2015, anchored by the Noor Ouarzazate solar complex, approximately 580 MW across four plants, which powers over 1.1 million Moroccans.

Morocco’s population is approximately 36.8 million (2024 figure). Overall unemployment was 13.0% in Q4 2025, down slightly from 13.3% a year earlier, though underemployment rose to 10.9%; youth unemployment (ages 15-24) reached a record approximately 37% in 2025, and women’s unemployment rose to 20.5%. Between approximately September 27 and October 18, 2025, youth-led protests organized online under the banner ‘GenZ 212’ took place across Morocco, demanding improvements to public healthcare and education and criticizing government spending priorities relative to major sporting events; reported outcomes included 3 people killed, 28 injured, more than 2,400 arrests, and more than 1,500 people facing trial, with the movement subsequently pausing street activity to regroup around early 2026. Morocco’s 2026 Finance Bill, adopted by the House of Representatives 165 in favor to 55 opposed, subsequently raised combined health and education budget allocations to MAD 140 billion for 2026, an increase of MAD 21 billion versus 2025, with more than 27,000 new health and education positions created, changes multiple outlets explicitly connected to the protest movement’s demands. King Mohammed VI remains head of state and Aziz Akhannouch has been Prime Minister since October 7, 2021, with the next general election scheduled for September 23, 2026. On October 31, 2025, the UN Security Council adopted a US-sponsored resolution, backed by 11 members with Russia, China and Pakistan abstaining and Algeria voting against, extending the MINURSO mission’s mandate and widely described as endorsing Morocco’s 2007 autonomy plan for Western Sahara as a basis for a political solution; Morocco subsequently declared October 31 a new national holiday, ‘Unity Day,’ and Morocco’s Foreign Minister stated that 28 countries continue to recognize the Sahrawi Arab Democratic Republic, down from a higher number over the preceding two decades, while the Polisario Front rejected the resolution.