Morocco Economic SnapshotJune 2016

June 2016

Morocco

General Information

Infrastructures

Data sources : 1- Bank Al Maghrib - 2 -Office National des Aéroports -3- Agence Nationale des Ports

1. Tangier - Tetouan

2. Oriental - Rif

3. Fez - Meknes

4. Rabat - Sale - Kenitra

5. Beni Mellal - Khenifra

6. Casablanca - Settat

7. Marrakech - Safi

8. Darâa - Tafillalet

9. Souss - Massa

10. Goulmim - Ouadnoun

11. Laâyoune - Sakia al Hamra

12. Dakhla - Oued Eddahab

18 airports²1 626 km of

highway network27 ports 3 1 102 km

of railway network

Institutional System Constitutional monarchy

Administrative Capital Rabat

Economic Capital Casablanca

Major Cities Marrakech, Agadir, Tangier, Fez, Oujda, Meknes, Tetouan

Overall Surface Area 710 850 square km

Maritime Façades 3 446 Km

Time Zone GMT (GMT+1 from March to October)

Official languages Arabic and Amazigh

Most used languages French, English, Spanish

Exchange rate (1 USD) 9.9047 MAD  ( December 2015)1

Regional Breakdown

1

2

12

11

10

9 8

7

43

5

6

The Kingdom of Morocco is located in the

extreme north of the African Continent,

and is bordered by the Mediterranean Sea

to the North, the Atantic Ocean to the

West, Mauritania to the South and Algeria

to the East.

www.br.ma

Economy

Source : Haut Commissariat au Plan

Source: Agence Nationale de Réglementation des Télécommunications

Source : Bank Al-Maghrib, Haut Commissariat au Plan

Source: Bank Al-Maghrib, Office des changes

*Projections

Technological Advances

Population & Demography

GDP GROWTH (IN CONSTANT M USD)

EXPORTS, IMPORTS AND TRADE BALANCE FROM 2010 TO 2015

EVOLUTION OF THE MOROCCAN POPULATION FROM 1971 TO 2014

MOBILE PHONE AND INTERNET SUBSCRIBERS‘ PENETRATION RATES OVER THE PERIOD 1971- 2014

EVOLUTION OF INFLATION AND THE REAL ESTATE ASSETS PRICE INDEX OVER THE PERIOD (2011- 2015)

1971 1982 1994 2004 2014

15 379 259

20 419 555

26 073 717

29 891 708

33 848 242

MOBILE PHONE PENETRATION RATE INTERNET SUBSCRIBERS‘ PENETRATION RATE

30,05

132,96

2014

42,75

127,27

2015

12,17

119,97

2012

129,13

17,58

2013

2013 2014 2015

2,9

2011

0,9

2012

0,9

1,71,31,9

0,40,8

-1,4-1,4

INFLATION IPAI

CAF IMPORTS CAF (IN MILLION MAD)TRADE BALANCE (IN MILLION MAD)

FOB EXPORTS (IN MILLION MAD)

2010 2011 2012 2013 2014 2015* 2016* 2017*

75 523 79 289 81 405 84 972 87 143 89 984 92 697 95 410

2010 2011 2012 2013 2014 2015

297 963

149 583

-148 380

357 770

174 994

-182 776

386 949

184 885

-202 064

381 277

184 626

-196 651

388 080

200 808

-187 272

366 529

214 138

-152 391

In 2015, growth of GDP settled at 4.6% against 2.4% in the

previous year.

Gross Domestic Product

Exports, Imports and Trade Balance

Inflation and « IPAI »

Between 2014 and 2015, the trade deficit for both goods and

services decreased by 34.4 B MAD decreasing from -187.3 to -152.4 B

MAD respectively. These figures are explained by a 13.3 B MAD

growth in exports coupled with a 21.55 B MAD decline in imports.

This growth in exports is mainly due to a sales increase in the

automotive sector as well as the phosphates and derivatives indus-

tries. As for the decline in imports, it can be owedto a generalized

downward trend in the costs of goods,

In comparison with 2014, 2015 annual inflation indicator jumped by

130 points.

As for the Real Estate Assets Price index or « Indice des Prix des

Actifs Immobiliers » (IPAI), it showed a slight increase of 0.8 % in

2015. This figure can be explained by a 1.7 % rise in land prices and

another 0.4 % rise in residential real estate units. Commercial real

estate prices have remained stable.

The telecommunications sector is currently witnessing solid

growth in Morocco thanks to the liberalization of mobile use on

the one hand and the stock market listing of Maroc Telecom. This

sector currently employs more than 50 000 people and contri-

butes by 7% to the GDP.

Morocco has witnessed an extremely rapid demographic

transition , doubling its population from1971 to 2014.

36 A, Boulevard AnfaCasablanca - Maroc+212 522 263 260

Ahmed EL KETTANIPartner +212 661 664 991ahmed.elkettani@br.ma

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