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Economy of Estonia vs Morocco compared: GDP & Debt

Updated on by Georank

Estonia has a GDP of $47B compared to $182B for Morocco, ranking 101/197 and 58/197 by economy size, respectively.

Estonia has $11.4B in government debt (24.2% of GDP), compared to $122B (67.1% of GDP) in Morocco.

Estonia vs Morocco GDP by year

Estonia
Morocco
1x
Year GDP, current $
Estonia Morocco
2025 $47,030,833,799 $182,374,250,612
2024 $43,130,419,829 $160,610,994,055
2023 $41,470,344,395 $146,036,093,667
2022 $38,226,641,740 $131,245,312,804
2021 $37,201,101,171 $142,022,058,447
2020 $31,820,771,494 $121,353,645,057
2019 $31,873,748,770 $128,920,266,409
2018 $31,222,632,741 $127,341,147,582
2017 $27,469,461,919 $118,540,573,368
2016 $24,561,027,788 $111,572,947,005
2015 $23,311,847,751 $110,413,823,842
2014 $27,055,689,003 $119,130,841,412
2013 $25,451,032,781 $115,739,287,305
2012 $23,237,406,116 $106,937,392,311
2011 $23,303,915,795 $110,080,631,332
2010 $19,524,355,419 $100,865,329,473
2009 $19,633,984,440 $101,154,952,241
2008 $24,342,935,404 $101,822,906,949
2007 $22,450,264,166 $86,947,913,287
2006 $17,025,671,810 $75,883,823,301
2005 $14,109,491,357 $68,852,658,069
2004 $12,148,595,031 $66,114,145,451
2003 $9,876,595,528 $58,029,363,354
2002 $7,370,119,619 $47,077,192,188
2001 $6,250,218,423 $43,831,480,208
2000 $5,686,579,748 $43,017,455,402
1999 $5,756,912,266 $46,266,428,648
1998 $5,674,080,543 $46,497,608,725
1997 $5,154,420,649 $39,147,844,526
1996 $4,786,018,988 $43,161,571,528
1995 $4,502,970,889 $39,030,285,468
1994 $4,123,011,420 $35,604,137,423
1993 $4,013,091,682 $31,655,473,664
1992 - $33,711,069,431
1991 - $32,285,573,574
1990 - $30,179,954,775
1989 - $26,314,313,191
1988 - $25,705,296,184
1987 - $21,765,195,948
1986 - $19,462,085,540
1985 - $14,991,283,216
1984 - $14,824,667,954
1983 - $16,251,408,128
1982 - $17,692,276,734
1981 - $17,788,185,479
1980 - $21,728,516,153
1979 - $15,911,994,817
1978 - $13,236,946,234
1977 - $11,049,783,872
1976 - $9,584,297,284
1975 - $8,984,853,005
1974 - $7,675,466,449
1973 - $6,242,145,880
1972 - $5,074,117,545
1971 - $4,356,669,034
1970 - $3,956,336,244
1969 - $3,651,622,669
1968 - $3,271,422,333
1967 - $3,046,345,314
1966 - $2,876,401,297
1965 - $2,948,331,090
1964 - $2,798,345,299
1963 - $2,657,252,578
1962 - $2,379,611,125
1961 - $2,025,693,540
1960 - $2,037,154,742

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

GDP per capita in Estonia vs Morocco by year

Estonia
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Estonia Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $34,418 - $4,746 -
2024 $31,428 $49,969 $4,218 $10,415
2023 $30,264 $48,637 $3,872 $9,895
2022 $28,340 $48,218 $3,516 $9,310
2021 $27,951 $44,252 $3,843 $8,623
2020 $23,934 $40,672 $3,317 $7,705
2019 $24,021 $40,586 $3,560 $8,046
2018 $23,618 $37,121 $3,553 $7,801
2017 $20,852 $34,507 $3,344 $8,115
2016 $18,666 $31,948 $3,186 $7,853
2015 $17,722 $29,713 $3,190 $7,799
2014 $20,582 $29,404 $3,483 $7,237
2013 $19,310 $27,831 $3,425 $7,542
2012 $17,568 $26,243 $3,206 $7,308
2011 $17,556 $24,652 $3,345 $7,274
2010 $14,664 $21,614 $3,107 $6,849
2009 $14,712 $20,489 $3,158 $6,629
2008 $18,206 $22,804 $3,222 $6,437
2007 $16,745 $22,201 $2,788 $6,058
2006 $12,641 $19,344 $2,466 $5,781
2005 $10,415 $16,638 $2,268 $5,275
2004 $8,916 $14,538 $2,207 $5,025
2003 $7,205 $13,135 $1,962 $4,741
2002 $5,343 $11,667 $1,612 $4,436
2001 $4,503 $10,309 $1,521 $4,269
2000 $4,071 $9,425 $1,513 $3,930
1999 $4,141 $8,412 $1,651 $3,801
1998 $4,093 $8,451 $1,683 $3,740
1997 $3,683 $7,980 $1,439 $3,502
1996 $3,381 $6,892 $1,610 $3,551
1995 $3,134 $6,480 $1,478 $3,152
1994 $2,819 $5,967 $1,369 $3,315
1993 $2,686 $5,814 $1,236 $2,979
1992 - $5,872 $1,337 $2,979
1991 - $7,151 $1,302 $3,025
1990 - $7,481 $1,238 $2,777
1989 - - $1,099 -
1988 - - $1,094 -
1987 - - $944 -
1986 - - $861 -
1985 - - $678 -
1984 - - $687 -
1983 - - $772 -
1982 - - $862 -
1981 - - $890 -
1980 - - $1,117 -
1979 - - $839 -
1978 - - $716 -
1977 - - $613 -
1976 - - $545 -
1975 - - $524 -
1974 - - $459 -
1973 - - $382 -
1972 - - $319 -
1971 - - $280.6 -
1970 - - $261.5 -
1969 - - $247.8 -
1968 - - $228 -
1967 - - $218.1 -
1966 - - $211.5 -
1965 - - $222.7 -
1964 - - $216.9 -
1963 - - $211.3 -
1962 - - $194.2 -
1961 - - $169.8 -
1960 - - $175.2 -

Data sources: World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

Estonia's GDP per capita is $34,418, ranking 37/197, compared to $4,746 in Morocco, ranking 126/197. Adjusted for purchasing power (GDP per capita PPP), Estonia ranks 45th at $49,969, while Morocco ranks 132nd at $10,415.

Economic indicators

Estonia Morocco
Gross domestic product
$47B
2025
$182B
2025
GDP rank
101/197
2025
58/197
2025
GDP growth
0.58%
2024-2025
4.6%
2024-2025
GDP per capita
$34,418
2025
$4,746
2025
GDP per capita rank
37/197
2025
126/197
2025
GDP per capita, PPP
$49,969
2024
$10,415
2024
GDP per capita PPP rank
45/197
2024
132/197
2024
Government debt
$11.4B
2025
$122B
2025
Debt-to-GDP ratio
24.2%
2025
67.1%
2025
Government debt per person
$8,325
2025
$3,183
2025
Government debt per person rank
67/185
2025
102/185
2025
Average annual personal income after taxes
$23,647
2026
$4,045
2026
Market capitalization of domestic companies n/a
$114B
2025
Number of billionaires
2
2026
3
2026
Income share by richest 10%
23.7%
2023
31.9%
2013
Income share by poorest 10%
3.1%
2023
2.7%
2013
Government expenditure, % of GDP
45.2%
2025
31.3%
2025
Consumer prices inflation
4.83%
2024-2025
0.7%
2024-2025
Central bank interest rate n/a
2.25%
2025
Unemployment rate
7.5%
2025
11.8%
2022
Population
1347027
38938817

Spending and national debt comparison by year

Estonia
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Estonia Morocco
Government spending Government debt Government spending Government debt
2025 45.2% 24.2% 31.3% 67.1%
2024 43.6% 23.5% 30.9% 67.7%
2023 43.5% 20.2% 30.2% 68.7%
2022 40.1% 19.2% 31.8% 71.4%
2021 42.1% 18.4% 30.1% 69.4%
2020 44.7% 19.1% 34.1% 72.2%
2019 39.1% 9.05% 27% 60.3%
2018 38.8% 8.51% 27.8% 60.5%
2017 38.9% 9.43% 27.9% 60.3%
2016 38.9% 10.2% 28.6% 60.1%
2015 39.3% 10.8% 28.5% 58.4%
2014 37.6% 11.6% 30.7% 58.6%
2013 38.3% 11.4% 30.4% 57.1%
2012 39.4% 11.1% 32.5% 52.3%
2011 37.6% 7.6% 31.2% 48.6%
2010 40.7% 7.99% 28.7% 45.3%
2009 46.1% 7.98% 28.1% 42.6%
2008 39.5% 4.67% 28.3% 42%
2007 33.8% 3.91% 26.4% 47.1%
2006 33.5% 4.72% 26% 50.6%
2005 33.7% 4.73% 28.6% 54.8%
2004 34.1% 5.16% 24.5% 54.4%
2003 35% 5.6% 24.1% 56.9%
2002 35.9% 5.66% 25.8% 59.4%
2001 35.3% 4.93% 23.7% 60.4%
2000 36.4% 5.11% 22.8% 64.9%
1999 40.7% 5.93% 18.4% 63.4%
1998 38.9% 5.4% 18.7% 64.5%
1997 35.8% 6.03% 18.6% 68%
1996 38.6% 7.3% 17.6% 65.3%
1995 39.5% 8.66% 21.3% 72.2%
1994 - - 21.7% 69.3%
1993 - - 23.1% 74.7%
1992 - - 22.3% 67%
1991 - - 20.8% 59.1%
1990 - - 22.6% 70.5%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

In 2025, Estonia's government spending was $21.3B, accounting for 45.2% of its GDP, while Morocco spent $57B, or 31.3% of GDP.

Debt-to-GDP ratio is 24.2% in Estonia and 67.1% in Morocco, ranking 168/185 and 64/185, respectively.

Government deficit by year

Deficit/surplus
Estonia

Morocco
1x
Year Deficit/surplus, % of GDP
Estonia Morocco
2025 -1.33% -3.54%
2024 -1.54% -3.92%
2023 -3.07% -4.41%
2022 -1.08% -5.37%
2021 -2.57% -5.92%
2020 -5.42% -7.15%
2019 -0.11% -3.8%
2018 -1.15% -3.52%
2017 -1.07% -3.3%
2016 -0.62% -4.49%
2015 -0.24% -4.59%
2014 0.42% -4.78%
2013 -0.66% -4.7%
2012 -0.86% -6.63%
2011 0.09% -6.08%
2010 -1.09% -3.93%
2009 -3.43% -1.63%
2008 -2.92% 0.63%
2007 2.5% -0.12%
2006 2.71% -1.8%
2005 1.07% -5.46%
2004 2.29% -3.31%
2003 1.67% -3.74%
2002 0.29% -4.37%
2001 0.4% -3.79%
2000 -0.11% -1.97%
1999 -3.42% 3.21%
1998 0.65% 1.47%
1997 2.98% 1.5%
1996 -0.93% 0.87%
1995 -0.26% -2.54%
1994 - -2.51%
1993 - -2%
1992 - -1.84%
1991 - -0.9%
1990 - -1.32%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

In 2025, Estonia's government deficit, the difference between spending and revenue, was $626M, equivalent to 1.33% of GDP. This compares to Morocco's deficit of $6.46B, or 3.54% of GDP.

Over the past 31 years, Estonia recorded a fiscal deficit in 20 of those years, while Morocco ran a deficit in 26 years. On average, Estonia posted an annual deficit equal to 0.54% of GDP, compared to deficit of 3.14% of GDP for Morocco.

Inflation comparison by year

Inflation
Estonia

Morocco
1x
Year Consumer prices inflation
Estonia Morocco
2025 4.83% 0.7%
2024 3.52% 0.99%
2023 9.16% 6.09%
2022 19.4% 6.66%
2021 4.65% 1.4%
2020 -0.44% 0.71%
2019 2.28% 0.3%
2018 3.44% 1.8%
2017 3.42% 0.75%
2016 0.15% 1.64%
2015 -0.49% 1.56%
2014 -0.11% 0.44%
2013 2.78% 1.88%
2012 3.93% 1.29%
2011 4.98% 0.91%
2010 2.97% 0.99%
2009 -0.08% 0.97%
2008 10.4% 3.71%
2007 6.6% 2.04%
2006 4.44% 3.28%
2005 4.08% 0.98%
2004 3.05% 1.49%
2003 1.33% 1.17%
2002 3.57% 2.8%
2001 5.75% 0.62%
2000 4.02% 1.89%
1999 3.3% 0.68%
1998 8.21% 2.75%
1997 10.6% 1.04%

Data sources: World Bank | Economy & Growth (1997–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

Over the past 29 years, Estonia has recorded an average annual inflation rate of 4.47%, compared with 1.78% in Morocco. In 2025, inflation was 4.83% in Estonia and 0.7% in Morocco.

Top exports between countries

Estonia
Export category Export value
Raw agricultural goods $13.4M
Machinery & equipment $6.38M
Processed food, beverages & tobacco $6.29M
Transport & tourism services $5.53M
Raw materials & minerals $3.92M
Wood & paper products $1.97M
Animal & marine products $893K
IT & IP services $649K
Metals $333K
Textiles & consumer goods $144K
Morocco
Export category Export value
Processed food, beverages & tobacco $12.5M
Raw materials & minerals $4.99M
Machinery & equipment $3.07M
Chemicals & pharma $289K
Animal & marine products $101K
Raw agricultural goods $56K
Textiles & consumer goods $48K
Metals $18K
Precious metals & jewellery $5K

Balance of trade

Estonia Morocco
Current account balance
-$70M
2025
-$4.56B
2025
Current account balance ranking
79/190
2025
163/190
2025
Current account balance, % of GDP
-0.15%
2025
-2.5%
2025
Goods imports
$24.4B
2025
$77.2B
2025
Goods exports
$21.2B
2025
$43.7B
2025
Service imports
$12B
2025
$16.7B
2025
Service exports
$15.6B
2025
$33.6B
2025
Imports of goods and services, % of GDP
77.4%
2025
51.1%
2025
Exports of goods and services, % of GDP
78.4%
2025
42%
2025

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Estonia Morocco
Economic freedom 78.7 61.8
Economic freedom ranking 10/197 91/197
Property rights 93.6 55.2
Government integrity 86.3 35.6
Judicial effectiveness 92.4 32.5
Tax burden 77.9 65.5
Government spending 46 67.5
Fiscal health 93.1 57.5
Business freedom 82.8 72.1
Labor freedom 59 46.2
Monetary freedom 73.9 79.6
Trade freedom 79.4 69.8
Investment freedom 90 80
Financial freedom 70 80

Economic freedom comparison by year

Estonia
Morocco
1x
Year Economic freedom index
Estonia Morocco
2026 78.7 61.8
2025 78.9 60.3
2024 77.8 56.8
2023 78.6 58.4
2022 80 59.2
2021 78.2 63.3
2020 77.7 63.3
2019 76.6 62.9
2018 78.8 61.9
2017 79.1 61.5
2016 77.2 61.3
2015 76.8 60.1
2014 75.9 58.3
2013 75.3 59.6
2012 73.2 60.2
2011 75.2 59.6
2010 74.7 59.2
2009 76.4 57.7
2008 77.9 55.6
2007 78 56.4
2006 74.9 51.5
2005 75.2 52.2
2004 77.4 56.7
2003 77.7 57.8
2002 77.6 59
2001 76.1 63.9
2000 69.9 63.2
1999 73.8 63.8
1998 72.5 61.1
1997 69.1 64.7
1996 65.4 64.3
1995 65.2 62.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

The Economic Freedom Index for Estonia is 78.7, ranking 10/197, compared to 61.8 for Morocco, ranking 91/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Estonia Morocco
Services, % of GDP
65.8%
2025
52.3%
2025
Industry, % of GDP
19.7%
2025
25.2%
2025
Agriculture, forestry, and fishing, % of GDP
1.65%
2025
10.5%
2025
GNI, Atlas method
$44.2B
2025
$170B
2025
GNI per capita, PPP
$51,370
2025
$10,960
2025
Total reserves including gold
$2.44B
2025
$48.5B
2025
Total reserves ranking
124/177
2025
50/177
2025
Net foreign direct investment
$814M
2025
-$2.51B
2025
Net inflows of foreign direct investment
-$3.44B
2024
$1.75B
2024
Net outflows of foreign direct investment
-$3.72B
2024
$679M
2024
Servicing debt to the IMF, % of GNI n/a
5.63%
2024
Poverty at national poverty lines
22.5%
2022
3.9%
2022
Gross capital formation, % of GDP
24.8%
2025
31.9%
2025

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2025, retrieved 2026-07-08); U.S. Census Bureau (1985–2025, retrieved 2026-07-08).

GeoRank.org/economy/estonia/morocco | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2025, retrieved 2026-07-08)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2025, retrieved 2026-07-08)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-07-08)
  4. U.S. Census Bureau (1985–2025, retrieved 2026-07-08)
  5. TradeMap (2023–2025, retrieved 2026-07-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-07-08)
  7. LivingCost (2026, retrieved 2026-07-08)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.