Consumer price index (CPI)
In 2010, annual average CPI was 189.31 points, an increase of 1.5% over 2009.
Annual Average CPI
|
Year
|
CPI
|
2010 e
|
189.31
|
2009
|
186.51
|
2008
|
184.72
|
2007
|
177.80
|
2006
|
174.25
|
2005
|
168.71
|
(Source: IMF) e=estimated
Producer price index (PPI)
In February 2011, PPI was 153.1 points, an increase of 0.9% over the previous month.
(Source: Ministry of Finance)
Interest rates
In the fourth quarter of 2009, average interest rates on 12-month time deposit was 3.69%. During the same period, average interest rates on consumer loans was 7.30%.
(Source: Central Bank (pg 110 & 111))
Average Interest Rates on Deposits and Loans (%)
|
Type
|
2009 Q4
|
2009 Q3
|
2009 Q2
|
2009 Q1
|
Time deposits
|
6 months
|
3.24
|
3.31
|
3.52
|
3.61
|
12 months
|
3.69
|
3.68
|
3.96
|
3.91
|
Loans
|
Consumer loan
|
7.30
|
7.22
|
7.29
|
7.38
|
Real-estate loan
|
6.29
|
5.61
|
5.75
|
5.75
|
Equipment loan
|
6.97
|
7.46
|
6.88
|
7.67
|
(Source: Central Bank (pg 110 & 111))
Money supply
Morocco’s money supply is divided into – M1, M2 and M3, where M1 includes currency in circulation and bank money. M2 includes M1 and sight deposits, while M3 includes M2 and other monetary assets. Since February 2011, M3 amounted to MAD 901,961 million.
(Source: Central Bank– Excel file)
Money Supply (MAD million)
|
Month
|
M1
|
M2
|
M3
|
2011
|
February
|
549,042
|
643,946
|
901,961
|
January
|
546,658
|
641,037
|
901,299
|
2010
|
December
|
552,289
|
646,091
|
904,240
|
November
|
540,996
|
634,082
|
891,495
|
October
|
533,065
|
625,585
|
883,009
|
September
|
535,993
|
627,984
|
883,502
|
August
|
532,843
|
624,117
|
881,181
|
July
|
534,580
|
625,016
|
881,488
|
June
|
532,199
|
622,120
|
880,256
|
May
|
525,675
|
615,610
|
874,090
|
April
|
519,900
|
609,592
|
865,325
|
March
|
521,413
|
610,703
|
868,183
|
February
|
520,974
|
609,737
|
865,600
|
January
|
525,418
|
613,519
|
868,327
|
(Source: Central Bank – Excel file)
Government Expenditure
Government expenditure in the first three quarters of 2010 amounted to MAD 157,053.9 million.

(Source: Ministry of Finance)
Public Debt Level
In 2010, total public debt of the Central Government amounted to MAD 384 million.

Official Exchange Rate
In March 2011, official exchange rate value of Morocco Dirham (MAD) against United States Dollar (USD) and Euro (EUR) was recorded at MAD 7.96 and MAD 11.29 respectively.
(Source: Central Bank)
Official Exchange Rates
|
Year
|
USD
|
EUR
|
March 2011
|
7.95
|
11.28
|
March 2010
|
8.28
|
11.19
|
March 2009
|
8.39
|
11.16
|
March 2008
|
7.25
|
11.49
|
March 2007
|
8.38
|
11.16
|
(Source: Central Bank)
Government Financial well-being
Government Revenue
In 2010, total revenue of the Government of Morocco amounted to 160,972.7 till third quarter. About 85% of the revenue is contributed by taxes.

(Source: Ministry of Finance)
Fiscal Balance
During the first three quarters of 2010, Government account reflected a fiscal surplus of MAD 3,919 million.
(Source: Ministry of Finance)
Tax Revenue
Tax revenue in 2010 was MAD 136,287.3 million till the third quarter.
(Source: Ministry of Finance)
Current Account Balance
In Q4 2010, current account deficit was recorded at MAD 8,184.9 million.
(Source: Ministry of Finance)
Balance of Payments
In fourth quarter of 2010, Morocco’s balance on trade was MAD -31,460.3 million and balance on services was MAD 10,815.1 million.
(Source: Ministry of Finance)
Balance of Payments (MAD million)
|
Particulars
|
2010 Q4
|
2010 Q3
|
Current Account balance
|
-8,184.9
|
-1,451.6
|
Trade balance
|
-31,460.3
|
-31,455.3
|
Balance of services
|
10,815.1
|
16,499.0
|
Net Income
|
-3,490.0
|
-3,569.3
|
Net current transfers
|
15,949.8
|
17,074.0
|
Capital account
|
-0.5
|
-0.2
|
Financial account
|
9,237.7
|
1,261.4
|
(Source: Ministry of Finance)