With an average annual growth rate of 4% over the last decade, Morocco’s GDP reached $113 billion in 2020. According to a forecasted ranking by Forbes magazine, Morocco will be the 5th largest economy in Africa by 2021 with an estimated GDP of $124 billion.
Third producer and first exporter of phosphates in the world, Morocco produced, in 2018, 33 million tons against 27 million for the USA and 140 for China. Production is carried out by the OCP group (formerly the Office chérifien des phosphates), the world’s leading supplier of phosphate products. The country seems to be sitting on an exceptional deposit. In fact, Morocco holds 70% of the world’s phosphate reserves, with 5.7 billion tons and the largest potential reserves, with 21 billion tons.
Morocco is also an agricultural power in terms of exports of citrus fruits, tomatoes and table olives. The sugar industry in Morocco has enormous potential, with a production capacity of around 1.65 million tons per year. The main production regions are located on the large irrigated areas of Doukkala, Tadla, Gharb, Loukkos and Moulouya. Morocco covers 50% of its needs thanks to the improvement in production yields, i.e. 11.4 tons of sugar/Ha for beet and 8.8 tons of sugar/Ha for sugar cane.
In terms of energy, Morocco aims to increase the share of renewable energy in the kingdom’s energy mix to 52% by 2030. Morocco’s solar potential is exceptional, with annual irradiation values exceeding 2,200 kWh/m2 in the southern regions. Morocco’s hydroelectric production reached 2.17 TWh in 2018. Morocco has set a goal of reaching 2,000 MW by 2031. The wind potential, meanwhile, is estimated at 25,000 MW for onshore wind and 250,000 MW for offshore wind.