 Arabat, the financial center of Majocco | |
| Currency | Dirham (MJD or م.) |
|---|---|
| ₵1.00 : م.1.88 | |
| Calendar year | |
Trade organisations | TGTO, Islamic League, Cooperative Development Forum and others |
Country group | |
| Statistics | |
| Population |  18,645,662 (2024) |
| GDP | |
| GDP rank | |
GDP growth |
|
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
GDP by component |
|
| 1.85% (2024) | |
Population below poverty line |
|
 9.72 low (2024) | |
| |
Labour force |
|
Labour force by occupation |
|
| Unemployment |
|
Average gross salary | ₵23,280 (urban non-private sector) ₵18,100 (urban private sector) per month (2024) |
| ₵5,540 (urban non-private sector) ₵4,959 (urban private sector) per month (2024) | |
Main industries |
|
| External | |
| Exports | ₵582 billion (2024) |
Export goods |
|
Main export partners |
|
| Imports | ₵422 billion (2024) |
Import goods |
|
Main import partners |
|
| |
Gross external debt | ₵533 billion (January 2024) |
| Public finances | |
| |
| |
| Revenues | ₵704 billion 99.9% of GDP (2023) |
| Expenses | ₵614 billion 87.1% of GDP (2023) |
| Economic aid | Recipient TBD |
| |
All values, unless otherwise stated, are in Quebecshirite Credits (₵). | |
Majocco is a high income, developed, socialist market economy largely consisting of public sector, state-owned (SOEs) and co-operative enterprises, featuring low levels of income inequality, an extensive welfare system as well as substantial regulation of businesses operating with-in Majocco. The extremely low income inequality is largely thanks to Majocco's progressive tax system, partial UBI and social security programs. There is a considerable domestic private sector and openness to foreign businesses in their system. Public investment and exports are widely encouraged and are the main drivers of economic growth in Majocco, while the Majoccan Government has also emphasized domestic consumption. The country rapidly transformed from an agricultural economy to a highly industrial economy, at the onset of the Industrial revolution, since the 19th century onwards. Majocco is a member of ROKO (+5), TGTO, Islamic League and the Cooperative Development Forum.
Majocco has the 29th largest economy in the world, worth 705 billion credits (1.33 trillion dirhams) by nominal GDP and 14th largest economy by nominal GDP per capita of 37,858 credits (71,173 dirhams). Majocco has a total GDP (PPP) of 1.31 trillion credits (2.46 trillion dirhams) with a GDP (PPP) per capita of 70,257 credits (132,083 dirhams) ranking as the TBD country with the largest GDP (PPP) total and the TBD country with the largest GDP (PPP) per capita respectively.
Majocco has a vastly diverse economy, with major contributions from manufacturing, mining, technology and research, as well as services, agriculture and specialised sectors. Majocco is the largest phosphate producer in the world, one of the largest aerospace, construction, locomotion and automotive manufacturing economies, including immense investments into technology, regarding transportation, medicine and telecommunications. Almost half of the population is employed by the public sector, amounting to 47% of employment in Majocco, mostly in healthcare, education and state-owned companies.
Majority of companies in Majocco are at least partially run by the Majoccan government, such as healthcare, transport, mining, utilities, military and more. Worker cooperatives are subsidised and encouraged by law, with typical companies being regulated to specialised industries, in which it is economically inefficient to nationalise.
History
Data
The following table shows the main economic indicators in 1989–2024. Inflation under 5% is in green.
| Year | Nominal GDP | GDP (PPP) |
Inflation rate | Unemp. rate | Government debt (in % of Nominal GDP) | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total (in millions of QSC) |
Growth (Total) |
Per Capita | Growth (Per capita) |
Total (in millions of QSC) |
Growth (Total) |
Per Capita | Growth (Per capita) | ||||
| 1989 | 186,392 | 5.0% | 12,596 | 4.6% | 3.5% | 8.7% | 34.6% | ||||
| 1990 | 189,808 | 1.8% | 12,778 | 1.4% | 10.8% | 11.2% | 54.2% | ||||
| 1991 | 197,101 | 3.7% | 13,674 | 6.6% | 5.6% | 7.6% | 55.4% | ||||
| 1992 | 206,173 | 4.4% | 14,237 | 4.0% | 4.4% | 6.2% | 63.5% | ||||
| 1993 | 218,867 | 5.8% | 14,163 | 5.2% | 3.6% | 5.1% | 67.8% | ||||
| 1994 | 228,701 | 4.3% | 15,011 | 5.6% | 3.2% | 3.8% | 71.4% | ||||
| 1995 | 238,479 | 4.1% | 15,514 | 3.2% | 2.2% | 3.6% | 75.4% | ||||
| 1996 | 247,385 | 3.6% | 15,812 | 1.9% | 2.4% | 3.7% | 79.9% | ||||
| 1997 | 256,623 | 2.8% | 16,134 | 2.0% | 2.5% | 3.9% | 87.6% | ||||
| 1998 | 266,483 | 3.7% | 16,425 | 1.8% | 2.8% | 3.6% | 89.9% | ||||
| 1999 | 279,040 | 4.5% | 16,991 | 3.3% | 3.4% | 3.5% | 92.7% | ||||
| 2000 | 285,609 | 2.3% | 18,477 | 8.0% | 3.7% | 3.4% | 95.2% | ||||
| 2001 | 295,968 | 3.5% | 19,210 | 3.8% | 3.6% | 3.3% | 99.8% | ||||
| 2002 | 306,702 | 3.5% | 20,097 | 4.4% | 3.8% | 3.5% | 106.3% | ||||
| 2003 | 316,514 | 3.1% | 21,431 | 6.2% | 4.1% | 3.1% | 118.6% | ||||
| 2004 | 330,391 | 4.2% | 22,243 | 3.7% | 4.3% | 2.9% | 133.5% | ||||
| 2005 | 345,597 | 4.4% | 22,572 | 1.5% | 4.6% | 3.0% | 123.7% | ||||
| 2006 | 363,404 | 4.9% | 22,905 | 1.5% | 4.2% | 3.1% | 112.3% | ||||
| 2007 | 383,742 | 5.3% | 23,346 | 1.9% | 4.0% | 2.8% | 105.4% | ||||
| 2008 | 401,824 | 4.5% | 23,738 | 1.6% | 3.6% | 2.7% | 98.5% | ||||
| 2009 | 417,263 | 3.7% | 24,129 | 1.6% | 3.4% | 2.6% | 96.4% | ||||
| 2010 | 433,745 | 3.8% | 25,468 | 5.3% | 3.5% | 2.4% | 93.2% | ||||
| 2011 | 454,184 | 4.5% | 26,743 | 4.8% | 3.2% | 2.8% | 91.4% | ||||
| 2012 | 474,591 | 4.3% | 27,117 | 1.3% | 3.0% | 2.5% | 88.6% | ||||
| 2013 | 488,765 | 2.9% | 27,984 | 3.1% | 3.1% | 2.6% | 86.7% | ||||
| 2014 | 509,661 | 4.1% | 28,706 | 2.5% | 2.9% | 2.3% | 85.0% | ||||
| 2015 | 527,054 | 3.3% | 29,624 | 3.1% | 2.8% | 2.1% | 83.9% | ||||
| 2016 | 551,889 | 4.5% | 30,732 | 3.6% | 2.6% | 1.9% | 82.8% | ||||
| 2017 | 573,689 | 3.8% | 32,129 | 4.3% | 2.4% | 2.0% | 82.5% | ||||
| 2018 | 596,351 | 3.2% | 33,352 | 3.7% | 2.4% | 2.2% | 81.3% | ||||
| 2019 | 616,702 | 3.3% | 33,902 | 1.6% | 2.2% | 2.2% | 80.4% | ||||
| 2020 | 635,120 | 2.9% | 34,352 | 1.3% | 2.1% | 2.3% | 79.6% | ||||
| 2021 | 655,439 | 3.1% | 35,196 | 2.4% | 2.3% | 2.5% | 79.1% | ||||
| 2022 | 674,320 | 2.8% | 35,952 | 2.1% | 2.2% | 2.7% | 78.4% | ||||
| 2023 | 688,785 | 2.1% | 36,874 | 2.5% | 2.0% | 2.7% | 76.8% | ||||
| 2024 | 705,000 | 2.3% | 37,858 | 2.6% | 1.9% | 2.6% | 77.9% | ||||
By economic sector
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Nominal GDP Sector Composition, 2024 (in millions of credits) at current prices:
| Country/Economy | Nominal GDP | Agri. | Indus. | Serv. | |
|---|---|---|---|---|---|
| File:Flag of Majocco.png Majocco | 705,000 | 16,920 | 329,940 | 358,140 | |
| *Percentages from Ministry of Statistics | |||||
Economic outlook
Economic system
Sectors
Agriculture
The size of agricultural industries as percentages on the agriculture sector (2024)
Agriculture in Majocco is intensive, mechanised and efficient, contributing to 3.1% of Majocco's GDP, with a gross value of 29.8 billion credits (56 billion dirhams). It employs 1,669,500 people, including agricultural food sector (agriculture and food manufacturing, wholesale, catering, and retail) was worth 34.3 billion credits (64.5 billion dirhams). Around half of the production by value is grains, fruits and vegetables with a third of the production by value being devoted to grazing livestock. The country produces around 74% of its food needs, historically, it was lower prior to the 1960s, peaking at 84% in the 1990s, before declining to its present level in the 2020s.
Agriculture plays a role in Majocco with grains such as wheat, barley and rye being the crops cultivated. In addition to these crops, Majocco also boasts fruit cultivation, including olives and citrus fruits. The majority of these fruits are grown near Tarqiqini Lake or along the Ecrosian Sea. Other major crops include cotton, dates and alliums (onions and garlics). These crops contribute to over half of the country's plant production. Wheat has a standing tradition of being used in bread making and other essential foods like khobz (bread).
Agriculture in Majocco is highly intensified and concentrated in specific areas, the climate is mostly dry and cool, with cold winters, frequent sandstorms and experiences a scarcity of fertile land due, to its cold climate. Most of the land in Majocco is not arable, with the cold steppe and deserts covering 60% of the surface area, leading to three-quarters of the total arable land being grazed upon. With some land allocated as "fallow land", land that is left unplanted for one or more seasons to restore soil fertility and prevent erosion due to the harsh climate of the region, most plantations are farmed around the fertile soils of the Tarqiqini Lake, some major rivers such as the Bouregreg, Sousa and the coasts of the Ecrosian Sea.
Aquaculture has more development capacity than that of fisheries due to extensive and semi-intensive pond culture of cyprinids in the main aquaculture system that is practised by the country as fish are reared in ponds (carps), in basins (trout) or stocked water bodies (silver carp, grass carp), and there are some intensive rearing systems for catfish, including a major government subsidiary to sustainable fishing practices as aquaculture must comply to the environmental regulations law and domains of the Terraconserva Vanguard Union as per membership agreements.
(Types of Fishing) (Regulation with fishing) (Locations of Agriculture) (Livestock farming here) (List most grown products) (Forestry note)
Construction
The construction industry of Majocco employed around 700,000 people and contributed to a gross value of 35 billion credits (65.8 billion dirhams). The largest employer in construction is the state-owned Construction de l'etat Majoccaine (CEM), employing over 119,000 workers, growing to become one of the largest companies in Majocco with a net income of around 2.6 billion credits (4.9 billion dirhams).
Electricity, gas and water
Industry and manufacturing
Steel industry
Aerospace industry
Automotive industry
Majocco is one of the largest automobile producers in the world, manufacturing 4.6 million vehicles in 2024, with 4.4 million of those vehicles being exported overseas. The largest domestic automotive company in Majocco is Decaux, a partially state-owned worker cooperative, valued at 431 million credits (812 million dirhams), employing 115,612 workers, 78% of the total workforce of automotive industry in Majocco of around 140,000 workers.
By 2010, Majocco manufactured 860,000 vehicles, up from 130,000 in 1995, In 2012 production rose to nearly a million and then jumped to 1.2 million in 2013, 1.7 million in 2014, 2.23 million in 2015, 2.38 million in 2016, 2.42 million in 2017, then it jumped to nearly 3 million by 2018 and increased fairly evenly each year until 2024, when it reached 4.6 million vehicles. Domestic sales have kept pace with production until 2010. After respectable annual increases in the mid- and late 2000s, international passenger car sales soared in the early 2010s.
Majocco's automotive industry has been so successful that it began exporting car parts since the 2000s. Majocco started planning significant moves into the automobile and components export industry in 2005. A Decaux factory was built in Tetouanate in 2011 for exports, aiming to ship 25,000 cars internationally in 2005. By 2011, many foreign car manufacturers had joint-venture plants in Majocco, producing many types of vehicles. In 2014, Majocco exported 1.2 billion credits (2.3 billion dirhams) in vehicles and components. Vehicle exports grew from 18,000 units in 2003 to 228,000 units in 2016, with a goal to reach a value of 6.4 billion credits (12 billion dirhams) by 2030. Since 2022, car exports soared, leading Majocco to increase car exports by 115% in a span of 3 years.
Electric vehicle industry
The electric vehicle industry in Majocco is one of the largest in the world, accounting for around (%) of global consumption of EVs. In 2024, the Ministry of Economy reported Majocco had sold 447,000 passenger electric vehicles, valued around 1.4 billion credits (2.6 billion dirhams), consisting of 226,000 BEVs (battery-only EVs) and 221,000 PHEVs. (plug-in hybrid electric vehicles). Majocco also has a large plug-in electric bus and light commercial vehicle market, reaching over 17,500 electric commercial vehicles in 2019, and in 2024 new domestic sales of commercial EVs tripled by 56,000.
Plug-in electric vehicle (BEV and PHEV) sales were 44% of the overall automotive sales in Majocco in 2024, with BEVs and PHEVs having 22% and 15% market share respectively. This is a significant increase from 2020, when plug-in electric vehicles accounted for only 4.4% of total sales.The plug-in market in Majocco is dominated by two domestic companies: Decaux and Arleans.
The battery industry is closely related to the EV industry as batteries constitute around 1/3 of the cost of EVs and around 80% of lithium-ion batteries in the world are used in EVs. The industry also has significant Majoccan presence, with Decaux being the forefront of EV production in Majocco.
Locomotive industry
Other industries
Mining
Majocco has diverse and rich mineral resources, with over 100 types actively explored or mined as of 2024. These resources are distributed unevenly across the country. While the mining industry is not central to Majocco’s overall economy and exports, it remains important for various local governments.
The mining sector is heavily regulated by numerous government bodies, such as the Ministry of Economy, Ministry of Resources and Géoscience Majocco. The Majoccan state owns most of the mineral rights, with some reserved for the Quebecshirite Government, while mining rights can be obtained with government approval and payment of fees.
Phosphate
According to the Office Chérifien des Phosphates, in 2024, 35 million metric tons of phosphorite valued at 875 million credits (1.6 billion dirhams), was mined in Majocco, making it the world's largest producer of phosphate in the world with remaining reserves of phosphate rock in Majocco totaling around 50 billion metric tons.
As of 2014, there are 5 active phosphate mines, mainly in the province of Khasit. The phosphate industry employs around 32,000 people. The eastern phosphate deposits in the country are mined from open pits, while the western deposits are mined from both surface and underground mines. The exact phosphate content of the phosphate rocks mined is not available, but in the latest five-year period for which ore grades are available, 2010-2018, the grade of Majoccan phosphate rock varied from 22.5 to 30.8 percent (P2O5).
Coal
Metals and nonmetals
Natural gas
Service industries
Creative industries
Education, health and social work
Finance
Hotels and restaurants
Informal
Public administration and defence
Real estate
Science and technology
Tourism
Tourism in Majocco contributed to 24.4 billion credits (45.82 billion dirhams) to the Majoccan economy, with over 18 million visitors in 2024 alone. Majocco's tourism industry is one of the fastest-growing industries in the national economy and is also one of the industries with a very distinct global competitive edge. The most significant inbound tourism markets in 2024:
| Rank | Market | Spend | Visitors |
|---|---|---|---|
| 1 | File:Quebecshire Flag.png Quebecshire | ₵10.3 billion | 8,274,820 |
| 2 | File:JackFlag.jpg Jackson | ₵2.23 billion | 1,452,182 |
| 3 | File:MontesayetteFlag.png Montesayette | ₵2.06 billion | 2,853,211 |
| 4 | File:Flag of Kivu.png Kivu | ₵1.42 billion | 874,060 |
| 5 | File:TirolFlag.png Tirol | ₵1.33 billion | 820,780 |
| 6 | File:Darkersconiaflag.png Sconia | ₵1.07 billion | 1,223,715 |
| 7 | File:Flag of Monsilva.png Monsilva | ₵815 million | 621,348 |
| 8 | File:Paleo Flag.png Paleocacher | ₵627 million | 425,727 |
| 9 | File:Flag of Gjorka.svg Gjorka | ₵310 million | 241,412 |
| 10 | File:Karimun Federation Flag.png Karimun | ₵267 million | 347,460 |
Transportation and infrastructure
Workforce
As of the 2024 census, there are approximately 13.9 million people in the labor force. The government employed around 6.5 million (47% of the workforce), while small businesses (usually cooperatives), employ 7.4 million workers (representing 53% of workers) making them the largest employer in Majocco.
Unemployment
Employment by sector
As of 2024, Majoccan employment currently is divided into 56% in the service sector, 32% in the manufacturing sector and 12% in the agriculture sector.
Income and wealth
External trade
Foreign investment
Law and government
Regulations
Taxation
Expenditure
Government budget and debt
Corruption
In 2024, Majocco was ranked 1st on the Corruption Perceptions Index with a score of 7.
Currency
Exchange rates
| Year | QSC to MJD |
CLN to MJD |
PSK to MJD |
MSY to MJD |
JSD to MJD |
MJD to QSC |
MJD to CLN |
MJD to PSK |
MJD to MSY |
MJD to JSD |
|---|---|---|---|---|---|---|---|---|---|---|
| 1990 | 1.96 | 0.25 | 1.63 | 0.33 | 0.98 | 0.51 | 4.08 | 0.61 | 3.03 | 1.02 |
| 1995 | 1.91 | 0.24 | 1.59 | 0.31 | 0.96 | 0.52 | 4.16 | 0.62 | 3.23 | 1.04 |
| 2000 | 1.82 | 0.23 | 1.52 | 0.30 | 0.91 | 0.54 | 4.34 | 0.66 | 3.33 | 1.09 |
| 2005 | 2.24 | 0.28 | 1.86 | 0.37 | 1.12 | 0.44 | 3.57 | 0.54 | 2.70 | 0.89 |
| 2010 | 1.98 | 0.25 | 1.65 | 0.33 | 0.99 | 0.5 | 4.04 | 0.61 | 3.03 | 1.01 |
| 2015 | 2.11 | 0.26 | 1.76 | 0.35 | 1.06 | 0.47 | 3.85 | 0.57 | 2.86 | 0.94 |
| 2020 | 1.92 | 0.23 | 1.60 | 0.30 | 0.97 | 0.51 | 4.14 | 0.63 | 3.22 | 1.04 |
| 2024 | 1.88 | 0.24 | 1.56 | 0.32 | 0.94 | 0.53 | 4.16 | 0.64 | 3.12 | 1.06 |