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Economy of Morocco vs Rwanda compared: GDP & Debt

Updated on by Georank

Morocco has a GDP of $182B compared to $16.4B for Rwanda, ranking 58/197 and 142/197 by economy size, respectively.

Morocco has $122B in government debt (67.1% of GDP), compared to $10.6B (64.6% of GDP) in Rwanda.

Morocco vs Rwanda GDP by year

Morocco
Rwanda
1x
Year GDP, current $
Morocco Rwanda
2025 $182,374,250,612 $16,372,132,990
2024 $160,610,994,055 $15,111,064,182
2023 $146,036,093,667 $14,806,501,437
2022 $131,245,312,804 $13,747,404,814
2021 $142,022,058,447 $11,252,894,910
2020 $121,353,645,057 $10,487,146,253
2019 $128,920,266,409 $10,519,272,170
2018 $127,341,147,582 $9,650,161,136
2017 $118,540,573,368 $9,164,345,443
2016 $111,572,947,005 $8,596,812,241
2015 $110,413,823,842 $8,447,064,079
2014 $119,130,841,412 $8,129,984,484
2013 $115,739,287,305 $7,714,276,920
2012 $106,937,392,311 $7,556,673,276
2011 $110,080,631,332 $6,802,676,034
2010 $100,865,329,473 $6,052,276,078
2009 $101,154,952,241 $5,603,399,015
2008 $101,822,906,949 $5,120,655,375
2007 $86,947,913,287 $4,017,977,507
2006 $75,883,823,301 $3,274,207,945
2005 $68,852,658,069 $2,933,819,766
2004 $66,114,145,451 $2,376,496,067
2003 $58,029,363,354 $2,138,237,279
2002 $47,077,192,188 $1,966,003,468
2001 $43,831,480,208 $1,966,600,715
2000 $43,017,455,402 $2,068,836,754
1999 $46,266,428,648 $2,157,108,263
1998 $46,497,608,725 $1,989,343,546
1997 $39,147,844,526 $1,851,558,197
1996 $43,161,571,528 $1,382,334,879
1995 $39,030,285,468 $1,293,535,193
1994 $35,604,137,423 $753,636,370
1993 $31,655,473,664 $1,971,525,712
1992 $33,711,069,431 $2,029,026,962
1991 $32,285,573,574 $1,911,600,237
1990 $30,179,954,775 $2,550,185,679
1989 $26,314,313,191 $2,405,022,593
1988 $25,705,296,184 $2,395,492,687
1987 $21,765,195,948 $2,157,432,668
1986 $19,462,085,540 $1,944,710,684
1985 $14,991,283,216 $1,715,626,331
1984 $14,824,667,954 $1,587,413,084
1983 $16,251,408,128 $1,479,687,587
1982 $17,692,276,734 $1,407,243,139
1981 $17,788,185,479 $1,407,062,527
1980 $21,728,516,153 $1,254,765,642
1979 $15,911,994,817 $1,109,346,131
1978 $13,236,946,234 $905,709,076
1977 $11,049,783,872 $746,650,613
1976 $9,584,297,284 $637,753,853
1975 $8,984,853,005 $571,863,500
1974 $7,675,466,449 $308,458,423
1973 $6,242,145,880 $290,746,157
1972 $5,074,117,545 $246,457,838
1971 $4,356,669,034 $222,952,504
1970 $3,956,336,244 $219,900,006
1969 $3,651,622,669 $188,700,037
1968 $3,271,422,333 $172,200,018
1967 $3,046,345,314 $159,560,018
1966 $2,876,401,297 $124,525,703
1965 $2,948,331,090 $148,799,980
1964 $2,798,345,299 $129,999,994
1963 $2,657,252,578 $128,000,000
1962 $2,379,611,125 $125,000,008
1961 $2,025,693,540 $122,000,016
1960 $2,037,154,742 $119,000,024

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

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

GDP per capita in Morocco vs Rwanda by year

Morocco
GDP per capita

GDP per capita, PPP
Rwanda
GDP per capita

GDP per capita, PPP
1x
Year Current $
Morocco Rwanda
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2025 $4,746 - $1,124 -
2024 $4,218 $10,415 $1,060 $3,711
2023 $3,872 $9,895 $1,061 $3,399
2022 $3,516 $9,310 $1,007 $3,099
2021 $3,843 $8,623 $843 $2,733
2020 $3,317 $7,705 $803 $2,285
2019 $3,560 $8,046 $823 $2,336
2018 $3,553 $7,801 $773 $2,125
2017 $3,344 $8,115 $751 $1,968
2016 $3,186 $7,853 $721 $1,866
2015 $3,190 $7,799 $726 $1,781
2014 $3,483 $7,237 $715 $1,678
2013 $3,425 $7,542 $695 $1,512
2012 $3,206 $7,308 $698 $1,455
2011 $3,345 $7,274 $643 $1,413
2010 $3,107 $6,849 $587 $1,314
2009 $3,158 $6,629 $557 $1,241
2008 $3,222 $6,437 $522 $1,191
2007 $2,788 $6,058 $421 $1,079
2006 $2,466 $5,781 $352 $1,002
2005 $2,268 $5,275 $324 $914
2004 $2,207 $5,025 $269.5 $832
2003 $1,962 $4,741 $249 $775
2002 $1,612 $4,436 $234 $760
2001 $1,521 $4,269 $237.3 $670
2000 $1,513 $3,930 $251.9 $609
1999 $1,651 $3,801 $264.7 $554
1998 $1,683 $3,740 $246.2 $528
1997 $1,439 $3,502 $238.7 $500
1996 $1,610 $3,551 $206 $499
1995 $1,478 $3,152 $228 $514
1994 $1,369 $3,315 $111 $311
1993 $1,236 $2,979 $247 $521
1992 $1,337 $2,979 $264.1 $575
1991 $1,302 $3,025 $254 $542
1990 $1,238 $2,777 $346 $549
1989 $1,099 - $335 -
1988 $1,094 - $344 -
1987 $944 - $320 -
1986 $861 - $297.7 -
1985 $678 - $271.6 -
1984 $687 - $259.9 -
1983 $772 - $250.6 -
1982 $862 - $246.4 -
1981 $890 - $254.6 -
1980 $1,117 - $234.4 -
1979 $839 - $213.8 -
1978 $716 - $179.9 -
1977 $613 - $152.7 -
1976 $545 - $134.4 -
1975 $524 - $124.1 -
1974 $459 - $68.9 -
1973 $382 - $66.9 -
1972 $319 - $58.4 -
1971 $280.6 - $54.4 -
1970 $261.5 - $55.2 -
1969 $247.8 - $48.9 -
1968 $228 - $46 -
1967 $218.1 - $44 -
1966 $211.5 - $35.4 -
1965 $222.7 - $43.5 -
1964 $216.9 - $39 -
1963 $211.3 - $39.3 -
1962 $194.2 - $39.2 -
1961 $169.8 - $39.3 -
1960 $175.2 - $39.4 -

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

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

Morocco's GDP per capita is $4,746, ranking 126/197, compared to $1,124 in Rwanda, ranking 178/197. Adjusted for purchasing power (GDP per capita PPP), Morocco ranks 132nd at $10,415, while Rwanda ranks 168th at $3,711.

Economic indicators

Morocco Rwanda
Gross domestic product
$182B
2025
$16.4B
2025
GDP rank
58/197
2025
142/197
2025
GDP growth
4.6%
2024-2025
9.38%
2024-2025
GDP per capita
$4,746
2025
$1,124
2025
GDP per capita rank
126/197
2025
178/197
2025
GDP per capita, PPP
$10,415
2024
$3,711
2024
GDP per capita PPP rank
132/197
2024
168/197
2024
Government debt
$122B
2025
$10.6B
2025
Debt-to-GDP ratio
67.1%
2025
64.6%
2025
Government debt per person
$3,183
2025
$726
2025
Government debt per person rank
102/185
2025
155/185
2025
Average annual personal income after taxes
$4,045
2026
$1,614
2026
Market capitalization of domestic companies
$114B
2025
$3.2B
2025
Number of billionaires
3
2026
n/a
Income share by richest 10%
31.9%
2013
33.4%
2023
Income share by poorest 10%
2.7%
2013
3.1%
2023
Government expenditure, % of GDP
31.3%
2025
24.1%
2025
Consumer prices inflation
0.7%
2024-2025
5.91%
2024-2025
Central bank interest rate
2.25%
2025
6.75%
2025
Unemployment rate
11.8%
2022
5.36%
2025
Population
38938817
15062056

Spending and national debt comparison by year

Morocco
Spending

Debt
Rwanda
Spending

Debt
1x
Year % of GDP
Morocco Rwanda
Government spending Government debt Government spending Government debt
2025 31.3% 67.1% 24.1% 64.6%
2024 30.9% 67.7% 27.1% 63.4%
2023 30.2% 68.7% 26.2% 61.4%
2022 31.8% 71.4% 28.7% 59%
2021 30.1% 69.4% 31% 66.2%
2020 34.1% 72.2% 32.5% 66.7%
2019 27% 60.3% 27.7% 52.8%
2018 27.8% 60.5% 26.3% 49.2%
2017 27.9% 60.3% 25.3% 46.1%
2016 28.6% 60.1% 25.4% 41.5%
2015 28.5% 58.4% 26.9% 33.5%
2014 30.7% 58.6% 27.8% 29.5%
2013 30.4% 57.1% 26.5% 27%
2012 32.5% 52.3% 24.9% 19.3%
2011 31.2% 48.6% 25% 18.9%
2010 28.7% 45.3% 24.1% 19%
2009 28.1% 42.6% 22.6% 18.7%
2008 28.3% 42% 22.7% 18.5%
2007 26.4% 47.1% 22.7% 22.4%
2006 26% 50.6% 20.9% 22.8%
2005 28.6% 54.8% 20.2% 59.8%
2004 24.5% 54.4% 18.1% 82.1%
2003 24.1% 56.9% 18.8% 80.7%
2002 25.8% 59.4% 20.7% 93.4%
2001 23.7% 60.4% 19.3% 85.2%
2000 22.8% 64.9% 18.5% 87.2%
1999 18.4% 63.4% 22.7% 79.5%
1998 18.7% 64.5% 16.6% 71.1%
1997 18.6% 68% 17.2% 73.3%
1996 17.6% 65.3% 19.8% 84.6%
1995 21.3% 72.2% 18.3% 102.2%
1994 21.7% 69.3% 13.5% -
1993 23.1% 74.7% 20.6% -
1992 22.3% 67% 21.8% -
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/morocco/rwanda | CC BY

In 2025, Morocco's government spending was $57B, accounting for 31.3% of its GDP, while Rwanda spent $3.95B, or 24.1% of GDP.

Debt-to-GDP ratio is 67.1% in Morocco and 64.6% in Rwanda, ranking 64/185 and 68/185, respectively.

Government deficit by year

Deficit/surplus
Morocco

Rwanda
1x
Year Deficit/surplus, % of GDP
Morocco Rwanda
2025 -3.54% -4.49%
2024 -3.92% -6.19%
2023 -4.41% -4.88%
2022 -5.37% -5.56%
2021 -5.92% -6.89%
2020 -7.15% -9.26%
2019 -3.8% -5%
2018 -3.52% -2.57%
2017 -3.3% -2.54%
2016 -4.49% -2.3%
2015 -4.59% -2.71%
2014 -4.78% -3.97%
2013 -4.7% -1.29%
2012 -6.63% -2.41%
2011 -6.08% -0.87%
2010 -3.93% -0.65%
2009 -1.63% 0.26%
2008 0.63% 0.84%
2007 -0.12% -1.58%
2006 -1.8% -0.03%
2005 -5.46% 1.14%
2004 -3.31% 2.31%
2003 -3.74% -1.25%
2002 -4.37% -2.06%
2001 -3.79% -1.83%
2000 -1.97% -0.22%
1999 3.21% -4.48%
1998 1.47% -2.63%
1997 1.5% -2.25%
1996 0.87% -5.08%
1995 -2.54% -2.07%
1994 -2.51% -9.68%
1993 -2% -6.7%
1992 -1.84% -7.31%
1991 -0.9% -
1990 -1.32% -

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

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

In 2025, Morocco's government deficit, the difference between spending and revenue, was $6.46B, equivalent to 3.54% of GDP. This compares to Rwanda's deficit of $736M, or 4.49% of GDP.

Over the past 34 years, Morocco recorded a fiscal deficit in 29 of those years, while Rwanda ran a deficit in 30 years. On average, Morocco posted an annual deficit equal to 3.05% of GDP, compared to deficit of 3.06% of GDP for Rwanda.

Inflation comparison by year

Inflation
Morocco

Rwanda
1x
Year Consumer prices inflation
Morocco Rwanda
2025 0.7% 5.91%
2024 0.99% 1.77%
2023 6.09% 19.8%
2022 6.66% 17.7%
2021 1.4% -0.39%
2020 0.71% 9.85%
2019 0.3% 3.35%
2018 1.8% -0.31%
2017 0.75% 8.28%
2016 1.64% 7.17%
2015 1.56% 2.53%
2014 0.44% 2.35%
2013 1.88% 5.92%
2012 1.29% 10.3%
2011 0.91% 3.08%
2010 0.99% -0.25%
2009 0.97% 12.9%
2008 3.71% 15.4%
2007 2.04% 9.08%
2006 3.28% 8.88%
2005 0.98% 9.01%
2004 1.49% 12.3%
2003 1.17% 7.45%
2002 2.8% 1.99%
2001 0.62% 3.34%
2000 1.89% 3.9%
1999 0.68% -2.41%
1998 2.75% 6.21%
1997 1.04% 12%

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

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

Over the past 29 years, Morocco has recorded an average annual inflation rate of 1.78%, compared with 6.8% in Rwanda. In 2025, inflation was 0.7% in Morocco and 5.91% in Rwanda.

Top exports between countries

Morocco
Export category Export value
Chemicals & pharma $1.14M
Processed food, beverages & tobacco $417K
Textiles & consumer goods $83K
Machinery & equipment $57K
Raw agricultural goods $30K
Animal & marine products $18K
Metals $15K
Wood & paper products $15K
Raw materials & minerals $4K
Rwanda
Export category Export value
Raw agricultural goods $812K
Textiles & consumer goods $8K
Chemicals & pharma $1K
Miscellaneous $1K
Wood & paper products $1K

Balance of trade

Morocco Rwanda
Current account balance
-$4.56B
2025
-$1.81B
2024
Current account balance ranking
163/190
2025
136/190
2024
Current account balance, % of GDP
-2.5%
2025
-12%
2024
Goods imports
$77.2B
2025
$5.55B
2024
Goods exports
$43.7B
2025
$3.2B
2024
Service imports
$16.7B
2025
$991M
2024
Service exports
$33.6B
2025
$1.08B
2024
Imports of goods and services, % of GDP
51.1%
2025
35.1%
2025
Exports of goods and services, % of GDP
42%
2025
21.6%
2025

Economic freedom indices

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

Morocco Rwanda
Economic freedom 61.8 56.5
Economic freedom ranking 91/197 121/197
Property rights 55.2 60.3
Government integrity 35.6 53.9
Judicial effectiveness 32.5 27.5
Tax burden 65.5 80.6
Government spending 67.5 75.7
Fiscal health 57.5 37.5
Business freedom 72.1 60.1
Labor freedom 46.2 49.1
Monetary freedom 79.6 72.3
Trade freedom 69.8 61.8
Investment freedom 80 60
Financial freedom 80 40

Economic freedom comparison by year

Morocco
Rwanda
1x
Year Economic freedom index
Morocco Rwanda
2026 61.8 56.5
2025 60.3 54.8
2024 56.8 51.6
2023 58.4 52.2
2022 59.2 57.1
2021 63.3 68.3
2020 63.3 70.9
2019 62.9 71.1
2018 61.9 69.1
2017 61.5 67.6
2016 61.3 63.1
2015 60.1 64.8
2014 58.3 64.7
2013 59.6 64.1
2012 60.2 64.9
2011 59.6 62.7
2010 59.2 59.1
2009 57.7 54.2
2008 55.6 54.2
2007 56.4 52.4
2006 51.5 52.8
2005 52.2 51.7
2004 56.7 53.3
2003 57.8 47.8
2002 59 50.4
2001 63.9 45.4
2000 63.2 42.3
1999 63.8 39.8
1998 61.1 39.1
1997 64.7 38.3
1996 64.3 -
1995 62.8 -

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

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

The Economic Freedom Index for Morocco is 61.8, ranking 91/197, compared to 56.5 for Rwanda, ranking 121/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Morocco Rwanda
Services, % of GDP
52.3%
2025
52.3%
2025
Industry, % of GDP
25.2%
2025
22%
2025
Agriculture, forestry, and fishing, % of GDP
10.5%
2025
20.3%
2025
GNI, Atlas method
$170B
2025
$16.7B
2025
GNI per capita, PPP
$10,960
2025
$4,070
2025
Total reserves including gold
$48.5B
2025
$1.96B
2025
Total reserves ranking
50/177
2025
128/177
2025
Net foreign direct investment
-$2.51B
2025
-$560M
2024
Net inflows of foreign direct investment
$1.75B
2024
$573M
2024
Net outflows of foreign direct investment
$679M
2024
$13.2M
2024
Servicing debt to the IMF, % of GNI
5.63%
2024
2.91%
2024
Poverty at national poverty lines
3.9%
2022
27.4%
2023
Gross capital formation, % of GDP
31.9%
2025
34.1%
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/morocco/rwanda | 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 (2021–2025, 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.