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In 2017, Morocco's gross domestic product was the seventh highest in Africa. In order to take better advantage of its potential and to establish sustainable growth, the Kingdom has developed a global vision, integrating both export and domestic market. For a summary in English of the economic and fiscal measures in vigour, refer to the website of, For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and macroeconomic) taken by the Moroccan government to limit the socio-economic impact of the COVID-19 pandemic, please consult the section dedicated to Morocco in the, For the information on the local business support scheme established by the Moroccan government to help small and medium-sized companies to deal with the economic impacts of the COVID-19 epidemic on their activity, please consult the portal of the, For a summary in English of the economic and business measures adopted, refer to the website of, For the up-to-date information on possible support plans for exporters in Morocco, if applicable, please consult the website of the, These cookies are needed for this website to work normally. According to data from Office des Changes, in terms of product groups, exports were led by the automotive sector, ahead of agro-food and phosphate industries. It issues the Moroccan dirham, maintains Moroccos foreign currency reserves, controls the credit supply, oversees the governments specialized lending organizations, and regulates the commercial banking industry. Morocco is considered to have great agricultural potential because it has vast amounts of arable land, nearly 33,000 square miles, and a temperate Mediterranean climate. We use cookies to make your connection secure and make statistics about the number of visits. Most of the fishing in Morocco is done on a large scale since small-scale fishing is not well developed. In order to get more information about cookies and find out how to refuse them, visit our cookie policy page . The Kingdom has succeeded, through an ambitious strategy, to turn its challenges into genuine investment opportunities, through its commitment to projects aimed at developing the energy sector by 2030, 75% of which are devoted to renewable energies, Aeronautics is a key component of Moroccos Industrial Acceleration Plan. The Internet has made steady inroads in Morocco; major institutions have direct access to it, while private individuals can connect via telecommunications boutiques, a version of the cyber cafs found in many Western countries, and through home computers. A prime minister heads the cabinet, which constitutes the executive. For the up-to-date information on possible support plans for exporters in Morocco, if applicable, please consult the website of the Ministry of Economy and Finance (in French and Arabic) and that of the national Investment and Trade Agency. Measures have included selling state-owned enterprises, devaluing the currency, and changing pricing policies to encourage local production. Livestock raising, particularly sheep and cattle, is widespread. One of Morocco's premier tourist destinations is Marrakech which attracted more than 2,000,000 visitors in 2017. //