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Economy of Luxembourg vs Morocco compared: GDP & Debt

Updated on by Georank team

Luxembourg has a GDP of $93.3B compared to $161B for Morocco, ranking 74/197 and 58/197 by economy size, respectively.

Luxembourg has $24.5B in government debt (26.3% of GDP), compared to $109B (67.7% of GDP) in Morocco.

Luxembourg vs Morocco GDP by year

Luxembourg
Morocco
1x
Year GDP, current $
Luxembourg Morocco
2024 $93,279,851,863 $160,610,994,055
2023 $88,788,881,539 $146,036,093,667
2022 $80,801,680,397 $131,245,312,804
2021 $86,386,759,695 $142,022,058,447
2020 $73,670,782,100 $121,353,645,057
2019 $69,872,035,114 $128,920,266,409
2018 $71,085,623,495 $127,341,147,582
2017 $65,712,180,343 $118,540,573,368
2016 $62,216,885,436 $111,572,947,005
2015 $60,071,584,216 $110,413,823,842
2014 $68,804,811,898 $119,130,841,412
2013 $65,203,276,467 $115,739,287,305
2012 $59,776,383,527 $106,937,392,311
2011 $61,696,281,326 $110,080,631,332
2010 $56,213,985,987 $100,865,329,473
2009 $54,467,289,898 $101,154,952,241
2008 $58,844,277,702 $101,822,906,949
2007 $51,587,401,416 $86,947,913,287
2006 $42,910,146,296 $75,883,823,301
2005 $37,672,280,120 $68,852,658,069
2004 $35,064,843,793 $66,114,145,451
2003 $29,667,268,248 $58,029,363,354
2002 $23,649,833,332 $47,077,192,188
2001 $21,387,533,703 $43,831,480,208
2000 $21,230,182,989 $43,017,455,402
1999 $21,899,317,599 $46,266,428,648
1998 $20,150,053,345 $46,497,608,725
1997 $19,563,836,265 $39,147,844,526
1996 $20,895,314,658 $43,161,571,528
1995 $20,853,093,870 $39,030,285,468
1994 $17,701,798,891 $35,604,137,423
1993 $15,925,521,222 $31,655,473,664
1992 $15,518,702,635 $33,711,069,431
1991 $13,834,219,728 $32,285,573,574
1990 $12,778,792,854 $30,179,954,775
1989 $10,037,674,038 $26,314,313,191
1988 $9,418,167,855 $25,705,296,184
1987 $8,320,902,215 $21,765,195,948
1986 $6,685,595,088 $19,462,085,540
1985 $4,577,211,767 $14,991,283,216
1984 $4,438,435,493 $14,824,667,954
1983 $4,524,217,751 $16,251,408,128
1982 $4,602,316,793 $17,692,276,734
1981 $5,053,665,797 $17,788,185,479
1980 $6,019,805,490 $21,728,516,153
1979 $5,516,982,664 $15,911,994,817
1978 $4,718,539,772 $13,236,946,234
1977 $3,789,321,328 $11,049,783,872
1976 $3,423,586,207 $9,584,297,284
1975 $3,123,333,333 $8,984,853,005
1974 $3,183,637,117 $7,675,466,449
1973 $2,609,875,802 $6,242,145,880
1972 $1,901,697,370 $5,074,117,545
1971 $1,518,773,421 $4,356,669,034
1970 $1,457,768,455 $3,956,336,244
1969 $1,245,432,991 $3,651,622,669
1968 $1,075,561,623 $3,271,422,333
1967 $983,052,315 $3,046,345,314
1966 $976,717,015 $2,876,401,297
1965 $929,477,285 $2,948,331,090
1964 $910,877,686 $2,798,345,299
1963 $797,902,154 $2,657,252,578
1962 $747,846,862 $2,379,611,125
1961 $710,163,719 $2,025,693,540
1960 $709,941,874 $2,037,154,742

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

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

GDP per capita in Luxembourg vs Morocco by year

Luxembourg
GDP per capita

GDP per capita, PPP
Morocco
GDP per capita

GDP per capita, PPP
1x
Year Current $
Luxembourg Morocco
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $137,782 $155,941 $4,218 $10,415
2023 $133,231 $150,508 $3,872 $9,895
2022 $123,720 $146,919 $3,516 $9,310
2021 $134,966 $136,772 $3,843 $8,623
2020 $116,860 $122,067 $3,317 $7,705
2019 $112,697 $121,372 $3,560 $8,046
2018 $116,927 $116,638 $3,553 $7,801
2017 $110,193 $114,986 $3,344 $8,115
2016 $106,899 $113,365 $3,186 $7,853
2015 $105,462 $107,860 $3,190 $7,799
2014 $123,679 $105,296 $3,483 $7,237
2013 $120,000 $100,925 $3,425 $7,542
2012 $112,585 $96,636 $3,206 $7,308
2011 $119,025 $94,475 $3,345 $7,274
2010 $110,886 $90,336 $3,107 $6,849
2009 $109,420 $86,919 $3,158 $6,629
2008 $120,422 $90,971 $3,222 $6,437
2007 $107,475 $85,126 $2,788 $6,058
2006 $90,789 $78,861 $2,466 $5,781
2005 $80,988 $68,788 $2,268 $5,275
2004 $76,545 $64,686 $2,207 $5,025
2003 $65,689 $60,192 $1,962 $4,741
2002 $53,006 $58,576 $1,612 $4,436
2001 $48,440 $56,136 $1,521 $4,269
2000 $48,660 $55,136 $1,513 $3,930
1999 $50,872 $49,845 $1,651 $3,801
1998 $47,445 $44,270 $1,683 $3,740
1997 $46,642 $42,488 $1,439 $3,502
1996 $50,444 $39,722 $1,610 $3,551
1995 $51,032 $38,345 $1,478 $3,152
1994 $43,933 $37,551 $1,369 $3,315
1993 $40,067 $35,899 $1,236 $2,979
1992 $39,571 $34,108 $1,337 $2,979
1991 $35,747 $33,191 $1,302 $3,025
1990 $33,465 $29,949 $1,238 $2,777
1989 $26,618 - $1,099 -
1988 $25,219 - $1,094 -
1987 $22,443 - $944 -
1986 $18,150 - $861 -
1985 $12,482 - $678 -
1984 $12,127 - $687 -
1983 $12,374 - $772 -
1982 $12,591 - $862 -
1981 $13,837 - $890 -
1980 $16,531 - $1,117 -
1979 $15,204 - $839 -
1978 $13,034 - $716 -
1977 $10,486 - $613 -
1976 $9,491 - $545 -
1975 $8,701 - $524 -
1974 $8,967 - $459 -
1973 $7,447 - $382 -
1972 $5,487 - $319 -
1971 $4,435 - $280.6 -
1970 $4,298 - $261.5 -
1969 $3,690 - $247.8 -
1968 $3,203 - $228 -
1967 $2,935 - $218.1 -
1966 $2,925 - $211.5 -
1965 $2,804 - $222.7 -
1964 $2,779 - $216.9 -
1963 $2,462 - $211.3 -
1962 $2,332 - $194.2 -
1961 $2,241 - $169.8 -
1960 $2,261 - $175.2 -

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

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

Luxembourg's GDP per capita is $137,782, ranking 3/197, compared to $4,218 in Morocco, ranking 127/197. Adjusted for purchasing power (GDP per capita PPP), Luxembourg ranks 1st at $155,941, while Morocco ranks 132nd at $10,415.

Economic indicators

Luxembourg Morocco
Gross domestic product
$93.3B
2024
$161B
2024
GDP rank
74/197
2024
58/197
2024
GDP growth
0.36%
2023-2024
3.79%
2023-2024
GDP per capita
$137,782
2024
$4,218
2024
GDP per capita rank
3/197
2024
127/197
2024
GDP per capita, PPP
$155,941
2024
$10,415
2024
GDP per capita PPP rank
1/197
2024
132/197
2024
Government debt
$24.5B
2024
$109B
2024
Debt-to-GDP ratio
26.3%
2024
67.7%
2024
Government debt per person
$36,221
2024
$2,857
2024
Government debt per person rank
19/185
2024
104/185
2024
Average annual personal income after taxes
$69,593
2026
$5,678
2026
Market capitalization of domestic companies
$41.9B
2024
$74.5B
2024
Number of billionaires
1
2025
3
2025
Income share by richest 10%
25%
2023
31.9%
2013
Income share by poorest 10%
2.8%
2023
2.7%
2013
Government expenditure, % of GDP
46.9%
2024
33%
2024
Consumer prices inflation
2.05%
2023-2024
0.99%
2023-2024
Central bank interest rate n/a
2.25%
2025
Unemployment rate
6.42%
2024
11.8%
2022
Population
693885
38871720

Spending and national debt comparison by year

Luxembourg
Spending

Debt
Morocco
Spending

Debt
1x
Year % of GDP
Luxembourg Morocco
Government spending Government debt Government spending Government debt
2024 46.9% 26.3% 33% 67.7%
2023 46.4% 24.7% 32% 68.7%
2022 44.3% 24.9% 33.7% 71.4%
2021 42.4% 24.2% 31% 69.4%
2020 47% 24.5% 34.1% 72.2%
2019 43.1% 22.3% 27.6% 60.3%
2018 42.3% 20.9% 27.8% 60.5%
2017 41.3% 21.8% 27.9% 60.3%
2016 40% 19.6% 28.6% 60.1%
2015 40.4% 21.1% 28.5% 58.4%
2014 40.6% 21.9% 30.7% 58.6%
2013 41.2% 22.4% 30.4% 57.1%
2012 41.8% 20.8% 32.5% 52.3%
2011 41.5% 18.5% 31.2% 48.6%
2010 42% 19.1% 28.7% 45.3%
2009 42.7% 15.3% 28.1% 42.6%
2008 37.9% 14.6% 28.3% 42%
2007 37.4% 8.09% 26.4% 47.1%
2006 39.4% 8.21% 26% 50.6%
2005 43.4% 7.95% 28.6% 54.8%
2004 43.7% 7.83% 24.5% 54.4%
2003 43.3% 7.43% 24.1% 56.9%
2002 41.8% 7.45% 25.8% 59.4%
2001 38.1% 7.62% 23.7% 60.4%
2000 38% 7.49% 22.8% 64.9%
1999 41.7% 8.39% 18.4% 63.4%
1998 43.9% 9.51% 18.7% 64.5%
1997 44.2% 10.1% 18.6% 68%
1996 42.5% 10.2% 17.6% 65.3%
1995 42% 10.3% 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 (1990–2024, retrieved 2026-02-20).

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

In 2024, Luxembourg's government spending was $43.7B, accounting for 46.9% of its GDP, while Morocco spent $53.1B, or 33% of GDP.

Debt-to-GDP ratio is 26.3% in Luxembourg and 67.7% in Morocco, ranking 162/185 and 60/185, respectively.

Government deficit by year

Deficit/surplus
Luxembourg

Morocco
1x
Year Deficit/surplus, % of GDP
Luxembourg Morocco
2024 1.03% -3.92%
2023 -0.78% -4.41%
2022 0.18% -5.37%
2021 1% -5.92%
2020 -3.09% -7.15%
2019 2.68% -3.8%
2018 3.17% -3.52%
2017 1.37% -3.3%
2016 1.89% -4.49%
2015 1.3% -4.59%
2014 1.33% -4.78%
2013 0.84% -4.7%
2012 0.5% -6.63%
2011 0.65% -6.08%
2010 -0.26% -3.93%
2009 -0.21% -1.63%
2008 3.37% 0.63%
2007 4.35% -0.12%
2006 1.9% -1.8%
2005 -0.21% -5.46%
2004 -1.39% -3.31%
2003 0.28% -3.74%
2002 2.03% -4.37%
2001 5.62% -3.79%
2000 5.55% -1.97%
1999 3.24% 3.21%
1998 2.98% 1.47%
1997 2.65% 1.5%
1996 2.37% 0.87%
1995 2.71% -2.54%
1994 - -2.51%
1993 - -2%
1992 - -1.84%
1991 - -0.9%
1990 - -1.32%

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20).

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

In 2024, Luxembourg's government surplus, the difference between spending and revenue, was $961M, equivalent to 1.03% of GDP. This compares to Morocco's deficit of $6.3B, or 3.92% of GDP.

Over the past 30 years, Luxembourg recorded a fiscal deficit in 6 of those years, while Morocco ran a deficit in 25 years. On average, Luxembourg posted an annual surplus equal to 1.57% of GDP, compared to deficit of 3.12% of GDP for Morocco.

Inflation comparison by year

Inflation
Luxembourg

Morocco
1x
Year Consumer prices inflation
Luxembourg Morocco
2024 2.05% 0.99%
2023 3.74% 6.09%
2022 6.34% 6.66%
2021 2.53% 1.4%
2020 0.82% 0.71%
2019 1.74% 0.3%
2018 1.53% 1.8%
2017 1.73% 0.75%
2016 0.29% 1.64%
2015 0.47% 1.56%
2014 0.63% 0.44%
2013 1.73% 1.88%
2012 2.66% 1.29%
2011 3.41% 0.91%
2010 2.27% 0.99%
2009 0.37% 0.97%
2008 3.4% 3.71%
2007 2.31% 2.04%
2006 2.67% 3.28%
2005 2.49% 0.98%
2004 2.23% 1.49%
2003 2.05% 1.17%
2002 2.07% 2.8%
2001 2.66% 0.62%
2000 3.15% 1.89%
1999 1.03% 0.68%
1998 0.96% 2.75%
1997 1.37% 1.04%

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

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

Over the past 28 years, Luxembourg has recorded an average annual inflation rate of 2.1%, compared with 1.82% in Morocco. In 2024, inflation was 2.05% in Luxembourg and 0.99% in Morocco.

Top exports between countries

Luxembourg
Export category Export value
Machinery & equipment $17.1M
Business & finance services $13.1M
Chemicals & pharma $6.55M
Transport & tourism services $2.26M
Textiles & consumer goods $2.21M
Raw materials & minerals $2M
Wood & paper products $1.59M
Metals $994K
Processed food, beverages & tobacco $492K
Raw agricultural goods $180K
Morocco
Export category Export value
Machinery & equipment $6M
Metals $1.68M
Textiles & consumer goods $153K
Processed food, beverages & tobacco $100K
Chemicals & pharma $88K
Raw materials & minerals $61K
Raw agricultural goods $50K
Wood & paper products $25K
Precious metals & jewellery $11K

Balance of trade

Luxembourg Morocco
Current account balance
$4.1B
2024
-$1.87B
2024
Current account balance ranking
35/190
2024
141/190
2024
Current account balance, % of GDP
+4.4%
2024
-1.16%
2024
Goods imports
$29.4B
2024
$66.5B
2024
Goods exports
$31.3B
2024
$39.3B
2024
Service imports
$117B
2024
$14.3B
2024
Service exports
$150B
2024
$28.2B
2024
Imports of goods and services, % of GDP
159.7%
2024
50.2%
2024
Exports of goods and services, % of GDP
191.5%
2024
42%
2024

Economic freedom indices

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

Luxembourg Morocco
Economic freedom 79.7 61.8
Economic freedom ranking 7/197 91/197
Property rights 96.6 55.2
Government integrity 88.7 35.6
Judicial effectiveness 99.1 32.5
Tax burden 62.3 65.5
Government spending 36.9 67.5
Fiscal health 98.6 57.5
Business freedom 89.5 72.1
Labor freedom 56.7 46.2
Monetary freedom 74.1 79.6
Trade freedom 79.4 69.8
Investment freedom 95 80
Financial freedom 80 80

Economic freedom comparison by year

Luxembourg
Morocco
1x
Year Economic freedom index
Luxembourg Morocco
2026 79.7 61.8
2025 79.5 60.3
2024 79.2 56.8
2023 78.4 58.4
2022 80.6 59.2
2021 76 63.3
2020 75.8 63.3
2019 75.9 62.9
2018 76.4 61.9
2017 75.9 61.5
2016 73.9 61.3
2015 73.2 60.1
2014 74.2 58.3
2013 74.2 59.6
2012 74.5 60.2
2011 76.2 59.6
2010 75.4 59.2
2009 75.2 57.7
2008 74.7 55.6
2007 74.6 56.4
2006 75.3 51.5
2005 76.3 52.2
2004 78.9 56.7
2003 79.9 57.8
2002 79.4 59
2001 80.1 63.9
2000 76.4 63.2
1999 72.4 63.8
1998 72.7 61.1
1997 72.8 64.7
1996 72.5 64.3
1995 - 62.8

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

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

The Economic Freedom Index for Luxembourg is 79.7, ranking 7/197, 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

Luxembourg Morocco
Services, % of GDP
81.2%
2024
52.7%
2024
Industry, % of GDP
9.66%
2024
25.6%
2024
Agriculture, forestry, and fishing, % of GDP
0.21%
2024
10.6%
2024
GNI, Atlas method
$57.3B
2024
$149B
2024
GNI per capita, PPP
$110,650
2024
$10,260
2024
Total reserves including gold
$2.79B
2024
$37.1B
2024
Total reserves ranking
119/177
2024
52/177
2024
Net foreign direct investment
$21.4B
2024
-$948M
2024
Net inflows of foreign direct investment
$106B
2024
$1.64B
2024
Net outflows of foreign direct investment
$109B
2024
$691M
2024
Servicing debt to the IMF, % of GNI n/a
5.63%
2024
Poverty at national poverty lines
17.3%
2021
3.9%
2022
Gross capital formation, % of GDP
15.8%
2024
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/luxembourg/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. TradeMap (2022–2024, retrieved 2026-02-08)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. 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.