## Morocco: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco

_IMF Staff Country Reports, March 12, 2018_

## Source details

**Canonical URL:** [Morocco: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco](https://www.imf.org/en/publications/cr/issues/2018/03/12/morocco-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45713)

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## Bibliographic details
- Published: March 12, 2018
- Series: IMF Staff Country Reports

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### Macroeconomic growth and drivers
- Economic growth in Morocco has picked up in 2017 and is expected to reach 4.4 percent.
- The pickup is mostly driven by a significant rebound in agricultural activity.
- Nonagricultural activity remains subdued.

### Labor market
- The unemployment rate increased to 10.6 percent in Q3:2017 (year-over-year).
- Youth unemployment remains high at 29.3 percent.

### Inflation
- Headline inflation (year-over-year) is expected to decline to 0.6 percent in 2017, reflecting lower food prices.

### External sector and trade
- Following a marked deterioration in 2016, the current account deficit is projected to improve in 2017 to 3.9 percent of GDP.
- Improvement primarily reflects Morocco’s global environment, particularly the stronger recovery in Europe.
- Strong export growth is noted, mostly owing to the good performance of food product and phosphate and derivatives exports.

### Publication and metadata (selected)
- Publication date: March 12, 2018
- Series: Country Report No. 2018/075
- Issue: 075
- Volume: 2018
- Pages: 70
- Stock No: 1MAREA2018002
- ISBN: 9781484346396
- ISSN: 1934-7685
- Subjects: Banking, Credit, Exchange rate flexibility, External debt, Financial institutions, Foreign exchange, Loans, Money, Public debt
- Keywords: Africa, CR, Credit, dirham exchange rate, e-government platform, exchange rate, Exchange rate flexibility, fiscal policy, Global, government, grant revenue, IMF staff estimate, insolvency regime, ISCR, Loans, Maghreb, reform implementation, sound fiscal policy

*International Monetary Fund. Middle East and Central Asia Dept. "Morocco: 2017 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Morocco", IMF Staff Country Reports 2018, 075 (2018), accessed 9/11/2026*

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- **Country Report**
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_Source: https://www.imf.org/en/publications/cr/issues/2018/03/12/morocco-2017-article-iv-consultation-press-release-staff-report-and-statement-by-the-45713_