Morocco

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Introduction - Morocco:
Location - Morocco:
People - Morocco:
Government - Morocco:
Economy - Morocco:

Economy overview

Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but have not spurred growth sufficient to reduce unemployment that nears 20% in urban areas. Poverty has increased due to the volatile nature of GDP, Moroccos continued dependence on foreign energy, and its inability to promote the growth of small and medium size enterprises. However, GDP growth rebounded to 6.7% in 2006 due to high rainfall, which resulted in a strong second harvest. Despite structural adjustment programs supported by the IMF, the World Bank, and the Paris Club, the dirham is only fully convertible for current account transactions and Moroccos financial sector is rudimentary. Moroccan authorities understand that reducing poverty and providing jobs is key to domestic security and development. In 2004, Moroccan authorities instituted measures to boost foreign direct investment and trade by signing a free trade agreement with the US, which entered into force in January 2006, and sold government shares in the state telecommunications company and in the largest state-owned bank. Long-term challenges include preparing the economy for freer trade with the US and European Union, improving education and job prospects for Moroccos youth, and raising living standards, which the government hopes to achieve by increasing tourist arrivals and boosting competitiveness in textiles.

Gdp purchasing power parity

$152.5 billion (2006 est.)

Gdp official exchange rate

$58.07 billion (2006 est.)

Gdp real growth rate

9.3% (2006 est.)

Gdp per capita ppp

$4,600 (2006 est.)

Gdp composition by sector

agriculture: 13.3%
industry: 31.2%
services: 55.5% (2006 est.)

Labor force

11.25 million (2006 est.)

Labor force by occupation

agriculture: 40%
industry: 15%
services: 45% (2003 est.)

Unemployment rate

7.7% (2006 est.)

Population below poverty line

19% (2005 est.)

Household income or consumption by percentage share

lowest 10%: 2.6%
highest 10%: 30.9% (1998-99)

Distribution of family income gini index

40 (2005 est.)

Inflation rate consumer prices

2.8% (2006 est.)

Investment gross fixed

21.7% of GDP (2006 est.)

Budget

revenues: $15.85 billion
expenditures: $20.39 billion; including capital expenditures of $2.19 billion (2006 est.)

Public debt

70.9% of GDP (2006 est.)

Agriculture products

barley, wheat, citrus, wine, vegetables, olives; livestock

Industries

phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism

Industrial production growth rate

4% (2004 est.)

Electricity production

18.48 billion kWh (2004)

Electricity consumption

18.89 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

1.7 billion kWh (2004)

Oil production

300 bbl/day (2005 est.)

Oil consumption

170,000 bbl/day (2004 est.)

Oil exports

21,890 bbl/day (2004 est.)

Oil imports

186,100 bbl/day (2004 est.)

Oil proved reserves

100 million bbl (2006 est.)

Natural gas production

50 million cu m (2004 est.)

Natural gas consumption

50 million cu m (2004 est.)

Natural gas exports

0 cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

1.218 billion cu m (1 January 2005 est.)

Current account balance

$389 million (2006 est.)

Exports

$11.72 billion f.o.b. (2006 est.)

Exports commodities

clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables

Exports partners

France 21.4%, Spain 20.5%, UK 4.9%, Italy 4.7%, India 4.1% (2006)

Imports

$21.22 billion f.o.b. (2006 est.)

Imports commodities

crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics

Imports partners

France 17.4%, Spain 13.4%, Saudi Arabia 6.9%, China 6.8%, Italy 6.3%, Germany 5.9% (2006)

Reserves of foreign exchange and gold

$18.21 billion (2006 est.)

Debt external

$17.9 billion (2006 est.)

Economic aid recipient

ODA, $706 million (2004)

Currency code

Moroccan dirham (MAD)

Exchange rates

Moroccan dirhams per US dollar - 8.7722 (2006), 8.865 (2005), 8.868 (2004), 9.574 (2003), 11.021 (2002)

Communications - Morocco:
Transportation - Morocco:
Military - Morocco:
This page was last updated on 16 September, 2007
Source: CIA >>>


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