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Economy of Lesotho vs Morocco compared: GDP & Debt

Updated on by Georank team

Lesotho has a GDP of $2.27B compared to $161B for Morocco, ranking 175/197 and 58/197 by economy size, respectively.

Lesotho has $1.29B in government debt (56.8% of GDP), compared to $109B (67.7% of GDP) in Morocco.

Lesotho vs Morocco GDP by year

Lesotho
Morocco
1x
Year GDP, current $
Lesotho Morocco
2024 $2,271,759,455 $160,610,994,055
2023 $2,117,962,445 $146,036,093,667
2022 $2,354,980,960 $131,245,312,804
2021 $2,412,130,057 $142,022,058,447
2020 $2,053,699,864 $121,353,645,057
2019 $2,390,702,296 $128,920,266,409
2018 $2,556,247,292 $127,341,147,582
2017 $2,306,741,672 $118,540,573,368
2016 $2,114,426,452 $111,572,947,005
2015 $2,359,686,725 $110,413,823,842
2014 $2,441,063,054 $119,130,841,412
2013 $2,367,112,932 $115,739,287,305
2012 $2,477,702,216 $106,937,392,311
2011 $2,579,409,620 $110,080,631,332
2010 $2,234,754,242 $100,865,329,473
2009 $1,740,894,965 $101,154,952,241
2008 $1,766,902,709 $101,822,906,949
2007 $1,682,131,785 $86,947,913,287
2006 $1,800,092,564 $75,883,823,301
2005 $1,682,343,527 $68,852,658,069
2004 $1,511,236,656 $66,114,145,451
2003 $1,157,825,435 $58,029,363,354
2002 $775,777,239 $47,077,192,188
2001 $825,706,961 $43,831,480,208
2000 $887,291,688 $43,017,455,402
1999 $912,773,681 $46,266,428,648
1998 $928,460,893 $46,497,608,725
1997 $998,004,259 $39,147,844,526
1996 $946,112,493 $43,161,571,528
1995 $1,001,894,000 $39,030,285,468
1994 $878,250,945 $35,604,137,423
1993 $835,582,062 $31,655,473,664
1992 $831,029,862 $33,711,069,431
1991 $704,325,367 $32,285,573,574
1990 $596,410,264 $30,179,954,775
1989 $495,409,233 $26,314,313,191
1988 $470,395,801 $25,705,296,184
1987 $402,768,324 $21,765,195,948
1986 $318,858,423 $19,462,085,540
1985 $268,629,926 $14,991,283,216
1984 $333,163,670 $14,824,667,954
1983 $386,699,309 $16,251,408,128
1982 $348,741,684 $17,692,276,734
1981 $434,188,034 $17,788,185,479
1980 $431,542,537 $21,728,516,153
1979 $290,134,593 $15,911,994,817
1978 $266,570,067 $13,236,946,234
1977 $193,315,048 $11,049,783,872
1976 $147,660,037 $9,584,297,284
1975 $149,558,896 $8,984,853,005
1974 $150,851,317 $7,675,466,449
1973 $121,188,716 $6,242,145,880
1972 $80,913,200 $5,074,117,545
1971 $76,480,285 $4,356,669,034
1970 $68,739,973 $3,956,336,244
1969 $65,967,974 $3,651,622,669
1968 $61,445,975 $3,271,422,333
1967 $59,261,976 $3,046,345,314
1966 $56,699,977 $2,876,401,297
1965 $54,879,978 $2,948,331,090
1964 $51,939,979 $2,798,345,299
1963 $47,039,981 $2,657,252,578
1962 $41,859,983 $2,379,611,125
1961 $35,699,986 $2,025,693,540
1960 $34,579,986 $2,037,154,742

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

GDP per capita in Lesotho vs Morocco by year

Lesotho
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Lesotho Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $972 $3,001 $4,218 $10,415
2023 $916 $2,881 $3,872 $9,895
2022 $1,030 $2,761 $3,516 $9,310
2021 $1,067 $2,545 $3,843 $8,623
2020 $919 $2,559 $3,317 $7,705
2019 $1,082 $2,568 $3,560 $8,046
2018 $1,171 $2,632 $3,553 $7,801
2017 $1,069 $2,619 $3,344 $8,115
2016 $992 $2,942 $3,186 $7,853
2015 $1,121 $3,035 $3,190 $7,799
2014 $1,174 $2,771 $3,483 $7,237
2013 $1,151 $2,538 $3,425 $7,542
2012 $1,218 $2,291 $3,206 $7,308
2011 $1,281 $2,279 $3,345 $7,274
2010 $1,119 $2,153 $3,107 $6,849
2009 $879 $2,036 $3,158 $6,629
2008 $898 $2,064 $3,222 $6,437
2007 $861 $1,932 $2,788 $6,058
2006 $925 $1,813 $2,466 $5,781
2005 $861 $1,681 $2,268 $5,275
2004 $767 $1,561 $2,207 $5,025
2003 $583 $1,484 $1,962 $4,741
2002 $389 $1,385 $1,612 $4,436
2001 $413 $1,350 $1,521 $4,269
2000 $443 $1,273 $1,513 $3,930
1999 $456 $1,199 $1,651 $3,801
1998 $465 $1,179 $1,683 $3,740
1997 $502 $1,154 $1,439 $3,502
1996 $480 $1,103 $1,610 $3,551
1995 $513 $1,037 $1,478 $3,152
1994 $456 $995 $1,369 $3,315
1993 $439 $932 $1,236 $2,979
1992 $444 $893 $1,337 $2,979
1991 $382 $830 $1,302 $3,025
1990 $330 $764 $1,238 $2,777
1989 $279 - $1,099 -
1988 $270.4 - $1,094 -
1987 $236.5 - $944 -
1986 $191.4 - $861 -
1985 $165.4 - $678 -
1984 $211 - $687 -
1983 $252 - $772 -
1982 $233.9 - $862 -
1981 $299.8 - $890 -
1980 $307 - $1,117 -
1979 $212.4 - $839 -
1978 $200.8 - $716 -
1977 $149.9 - $613 -
1976 $117.8 - $545 -
1975 $123.2 - $524 -
1974 $128.7 - $459 -
1973 $107 - $382 -
1972 $74 - $319 -
1971 $72.4 - $280.6 -
1970 $67.4 - $261.5 -
1969 $67.1 - $247.8 -
1968 $64.8 - $228 -
1967 $64.8 - $218.1 -
1966 $64.3 - $211.5 -
1965 $64.3 - $222.7 -
1964 $62.6 - $216.9 -
1963 $58.4 - $211.3 -
1962 $53.5 - $194.2 -
1961 $47 - $169.8 -
1960 $47 - $175.2 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

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

Lesotho's GDP per capita is $972, ranking 181/197, compared to $4,218 in Morocco, ranking 127/197. Adjusted for purchasing power (GDP per capita PPP), Lesotho ranks 180th at $3,001, while Morocco ranks 132nd at $10,415.

Economic indicators

Lesotho Morocco
Gross domestic product
$2.27B
2024
$161B
2024
GDP rank
175/197
2024
58/197
2024
GDP growth
2.85%
2023-2024
3.79%
2023-2024
GDP per capita
$972
2024
$4,218
2024
GDP per capita rank
181/197
2024
127/197
2024
GDP per capita, PPP
$3,001
2024
$10,415
2024
GDP per capita PPP rank
180/197
2024
132/197
2024
Government debt
$1.29B
2024
$109B
2024
Debt-to-GDP ratio
56.8%
2024
67.7%
2024
Government debt per person
$552
2024
$2,857
2024
Government debt per person rank
164/185
2024
104/185
2024
Average annual personal income after taxes
$6,545
2026
$5,678
2026
Market capitalization of domestic companies n/a
$74.5B
2024
Number of billionaires n/a
3
2025
Income share by richest 10%
32.9%
2017
31.9%
2013
Income share by poorest 10%
1.7%
2017
2.7%
2013
Government expenditure, % of GDP
53.5%
2024
33%
2024
Consumer prices inflation
6.11%
2023-2024
0.99%
2023-2024
Central bank interest rate
6.5%
2025
2.25%
2025
Unemployment rate
18.7%
2024
11.8%
2022
Population
2396633
38871720

Spending and national debt comparison by year

Lesotho
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Lesotho Morocco
Government spending Government debt Government spending Government debt
2024 53.5% 56.8% 33% 67.7%
2023 49.4% 61.5% 32% 68.7%
2022 50.8% 64.4% 33.7% 71.4%
2021 53.8% 58% 31% 69.4%
2020 54.4% 54.7% 34.1% 72.2%
2019 53.6% 58.2% 27.6% 60.3%
2018 51.9% 48.2% 27.8% 60.5%
2017 50.4% 41% 27.9% 60.3%
2016 54.1% 41.5% 28.6% 60.1%
2015 51.7% 45.8% 28.5% 58.4%
2014 50.1% 41.5% 30.7% 58.6%
2013 58.4% 41.2% 30.4% 57.1%
2012 58.1% 39.8% 32.5% 52.3%
2011 60.2% 36.2% 31.2% 48.6%
2010 55.3% 33.8% 28.7% 45.3%
2009 66.4% 35.9% 28.1% 42.6%
2008 54.1% 47% 28.3% 42%
2007 48.1% 49.6% 26.4% 47.1%
2006 43.2% 43.7% 26% 50.6%
2005 37.6% 41% 28.6% 54.8%
2004 36.3% 49.4% 24.5% 54.4%
2003 39.8% 52.6% 24.1% 56.9%
2002 41.2% 79.6% 25.8% 59.4%
2001 41.4% 108.7% 23.7% 60.4%
2000 39.3% 88.5% 22.8% 64.9%
1999 50.8% 83% 18.4% 63.4%
1998 51.4% 79.4% 18.7% 64.5%
1997 44.6% 65.7% 18.6% 68%
1996 41.5% 71.6% 17.6% 65.3%
1995 42.1% 62.8% 21.3% 72.2%
1994 40.2% 67% 21.7% 69.3%
1993 36% 71.2% 23.1% 74.7%
1992 35.3% 64.4% 22.3% 67%
1991 31.3% 11.9% 20.8% 59.1%
1990 32.9% 18% 22.6% 70.5%
1989 35.8% 112.5% - -
1988 35.3% 105.2% - -
1987 40.3% 97.4% - -
1986 33.2% 92.5% - -
1985 32.8% 86.3% - -
1984 26.8% 57.2% - -
1983 27.2% 56.7% - -
1982 29.9% 61.4% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

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

In 2024, Lesotho's government spending was $1.22B, accounting for 53.5% of its GDP, while Morocco spent $53.1B, or 33% of GDP.

Debt-to-GDP ratio is 56.8% in Lesotho and 67.7% in Morocco, ranking 92/185 and 60/185, respectively.

Government deficit by year

Deficit/surplus
Lesotho

Morocco
1x
Year Deficit/surplus, % of GDP
Lesotho Morocco
2024 9.04% -3.92%
2023 7.31% -4.41%
2022 -6.41% -5.37%
2021 -4.95% -5.92%
2020 1.18% -7.15%
2019 -5.72% -3.8%
2018 -4.41% -3.52%
2017 -2.02% -3.3%
2016 -9.43% -4.49%
2015 -1.38% -4.59%
2014 3.16% -4.78%
2013 -2.58% -4.7%
2012 4.56% -6.63%
2011 -9.85% -6.08%
2010 -1.49% -3.93%
2009 -4.16% -1.63%
2008 8.1% 0.63%
2007 10.8% -0.12%
2006 11.6% -1.8%
2005 4.46% -5.46%
2004 6.05% -3.31%
2003 0.89% -3.74%
2002 -2.44% -4.37%
2001 -2.76% -3.79%
2000 -0.95% -1.97%
1999 -15.3% 3.21%
1998 -11.8% 1.47%
1997 0.27% 1.5%
1996 2.11% 0.87%
1995 5.13% -2.54%
1994 5.69% -2.51%
1993 7.55% -2%
1992 4.65% -1.84%
1991 9.74% -0.9%
1990 8.78% -1.32%
1989 3.88% -
1988 -1.87% -
1987 -2.85% -
1986 0.87% -
1985 1.68% -
1984 4.82% -
1983 1.85% -
1982 -2.03% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20).

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

In 2024, Lesotho's government surplus, the difference between spending and revenue, was $205M, equivalent to 9.04% of GDP. This compares to Morocco's deficit of $6.3B, or 3.92% of GDP.

Over the past 35 years, Lesotho recorded a fiscal deficit in 16 of those years, while Morocco ran a deficit in 30 years. On average, Lesotho posted an annual surplus equal to 0.73% of GDP, compared to deficit of 2.92% of GDP for Morocco.

Inflation comparison by year

Inflation
Lesotho

Morocco
1x
Year Consumer prices inflation
Lesotho Morocco
2024 6.11% 0.99%
2023 6.34% 6.09%
2022 8.27% 6.66%
2021 6.05% 1.4%
2020 4.98% 0.71%
2019 5.19% 0.3%
2018 4.75% 1.8%
2017 4.45% 0.75%
2016 6.6% 1.64%
2015 3.22% 1.56%
2014 5.37% 0.44%
2013 4.87% 1.88%
2012 6.05% 1.29%
2011 5.04% 0.91%
2010 -2.41% 0.99%
2009 -16.9% 0.97%
2008 10.7% 3.71%
2007 8.01% 2.04%
2006 6.07% 3.28%
2005 3.44% 0.98%
2004 5.02% 1.49%
2003 6.63% 1.17%
2002 33.8% 2.8%
2001 -9.62% 0.62%
2000 6.13% 1.89%
1999 - 0.68%
1998 - 2.75%
1997 - 1.04%

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06).

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

Over the past 25 years, Lesotho has recorded an average annual inflation rate of 5.13%, compared with 1.85% in Morocco. In 2024, inflation was 6.11% in Lesotho and 0.99% in Morocco.

Top exports between countries

Lesotho
Export category Export value
Machinery & equipment $21K
Miscellaneous $10K
Morocco
Export category Export value
Processed food, beverages & tobacco $34K

Balance of trade

Lesotho Morocco
Current account balance
$89.2M
2024
-$1.87B
2024
Current account balance ranking
68/190
2024
141/190
2024
Current account balance, % of GDP
+3.93%
2024
-1.16%
2024
Goods imports
$1.67B
2024
$66.5B
2024
Goods exports
$965M
2024
$39.3B
2024
Service imports
$415M
2024
$14.3B
2024
Service exports
$15.4M
2024
$28.2B
2024
Imports of goods and services, % of GDP
98.6%
2023
50.2%
2024
Exports of goods and services, % of GDP
42.9%
2023
42%
2024

Economic freedom indices

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

Lesotho Morocco
Economic freedom 54.9 61.8
Economic freedom ranking 130/197 91/197
Property rights 41.7 55.2
Government integrity 39.6 35.6
Judicial effectiveness 43.6 32.5
Tax burden 76.4 65.5
Government spending 21.3 67.5
Fiscal health 93.5 57.5
Business freedom 50.6 72.1
Labor freedom 57 46.2
Monetary freedom 74.8 79.6
Trade freedom 65.4 69.8
Investment freedom 55 80
Financial freedom 40 80

Economic freedom comparison by year

Lesotho
Morocco
1x
Year Economic freedom index
Lesotho Morocco
2026 54.9 61.8
2025 54.1 60.3
2024 51.9 56.8
2023 51.6 58.4
2022 48.1 59.2
2021 53.5 63.3
2020 54.5 63.3
2019 53.1 62.9
2018 53.9 61.9
2017 53.9 61.5
2016 50.6 61.3
2015 49.6 60.1
2014 49.5 58.3
2013 47.9 59.6
2012 46.6 60.2
2011 47.5 59.6
2010 48.1 59.2
2009 49.7 57.7
2008 52.1 55.6
2007 53.2 56.4
2006 54.7 51.5
2005 53.9 52.2
2004 50.3 56.7
2003 52 57.8
2002 48.9 59
2001 50.6 63.9
2000 48.4 63.2
1999 48.2 63.8
1998 48.4 61.1
1997 47.2 64.7
1996 47 64.3
1995 - 62.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

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

The Economic Freedom Index for Lesotho is 54.9, ranking 130/197, 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

Lesotho Morocco
Services, % of GDP
48%
2024
52.7%
2024
Industry, % of GDP
30.9%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
6.5%
2024
10.6%
2024
GNI, Atlas method
$2.75B
2024
$149B
2024
GNI per capita, PPP
$3,580
2024
$10,260
2024
Total reserves including gold
$1.01B
2024
$37.1B
2024
Total reserves ranking
142/177
2024
52/177
2024
Net foreign direct investment
$12.6M
2024
-$948M
2024
Net inflows of foreign direct investment
-$12.6M
2024
$1.64B
2024
Net outflows of foreign direct investment
$0
2024
$691M
2024
Servicing debt to the IMF, % of GNI
4.06%
2024
5.63%
2024
Poverty at national poverty lines
49.7%
2017
3.9%
2022
Gross capital formation, % of GDP
27.2%
2023
30.1%
2024

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

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

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. International Monetary Fund (IMF) | Public Finances in Modern History (1982–1989, retrieved 2026-02-20)
  6. TradeMap (2020–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. LivingCost (2026, retrieved 2025-10-14)

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.