Economy Of Morocco
|
Economy overview
|
Morocco faces the problems typical of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. 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. Reforms of the financial sector are being contemplated. Droughts depressed activity in the key agricultural sector and contributed to a stagnant economy in 2002. Morocco reported large foreign exchange inflows from the sale of a mobile telephone license, and partial privatization of the state-owned telecommunications company and the state tobacco company. Favorable rainfall in 2003 led to a growth of 6%. Formidable long-term challenges include: preparing the economy for freer trade with the EU and US, improving education, and attracting foreign investment to boost living standards and job prospects for Morocco's youth.
|
|
GDP
|
purchasing power parity - $128.3 billion (2004 est.)
|
|
GDP - real growth rate
|
6% (2004 est.)
|
|
GDP - per capita
|
purchasing power parity - $4,000 (2004 est.)
|
|
GDP - composition by sector
|
agriculture: 22.9%
industry: 35.5%
services: 41.5% (2004 est.)
|
|
Investment gross fixed
|
21.7% of GDP (2004 est.)
|
|
Population below poverty line
|
19% (1999 est.)
|
|
Household income or consumption by percentage share
|
lowest 10%: 2.6%
highest 10%: 30.9% (1998-99)
|
|
Distribution of family income - Gini index
|
39.5 (1998-99)
|
|
Inflation rate consumer prices
|
1.2% (2004 est.)
|
|
Labor force
|
10.84 million (2004 est.)
|
|
Labor force by occupation
|
agriculture 40%, industry 15%, services 45% (2003 est.)
|
|
Unemployment rate
|
19% (2004 est.)
|
|
Budget
|
revenues: $13.8 billion
expenditures: $14 billion, including capital expenditures of $2.1 billion (2004 est.)
|
|
Public debt
|
76.2% of GDP (2004 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
|
NA
|
|
Electricity production
|
13.35 billion kWh (2001)
|
|
Electricity production by source
|
fossil fuel: 95.4%
hydro: 4.6%
other: 0% (2001)
nuclear: 0%
|
|
Electricity consumption
|
14.61 billion kWh (2001)
|
|
Electricity exports
|
0 kWh (2001)
|
|
Electricity imports
|
2.2 billion kWh (2001)
|
|
Oil production
|
400 bbl/day (2004 est.)
|
|
Oil consumption
|
167,000 bbl/day (2001 est.)
|
|
Oil exports
|
NA (2001)
|
|
Oil imports
|
NA (2001)
|
|
Oil proved reserves
|
900,000 bbl (2004)
|
|
Natural gas production
|
50 million cu m (2001 est.)
|
|
Natural gas consumption
|
50 million cu m (2001 est.)
|
|
Natural gas exports
|
0 cu m (2001 est.)
|
|
Natural gas imports
|
0 cu m (2001 est.)
|
|
Natural gas proved reserves
|
665.4 million cu m (2004)
|
|
Current account balance
|
$963 million (2004 est.)
|
|
Exports
|
$8.466 billion f.o.b. (2004 est.)
|
|
Exports commodities
|
clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables
|
|
Exports partners
|
France 26.5%, Spain 16.7%, UK 7.2%, Germany 5.2%, Italy 5%, US 4% (2003)
|
|
Imports
|
$12.75 billion f.o.b. (2003 est.)
|
|
Imports commodities
|
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
|
|
Imports partners
|
France 20.6%, Spain 12.4%, Italy 7.1%, Germany 5.2%, Saudi Arabia 5%, Russia 4.9%, US 4.1% (2003)
|
|
Reserves of foreign exchange gold
|
$14.08 billion (2004 est.)
|
|
Debt external
|
$17.32 billion (2004 est.)
|
|
Economic aid recipient
|
$565.6 million (1995)
|
|
Currency
|
Moroccan dirham (MAD)
|
|
Currency code
|
MAD
|
|
Exchange rates
|
Moroccan dirhams per US dollar - 9.5744 (2003), 11.0206 (2002), 11.303 (2001), 10.6256 (2000), 9.8044 (1999)
|
|
Fiscal year
|
calendar year
|
Applied Language Solutions offer English to Arabic Translation .
This information was reproduced in part from the CIA World Fact book.
Flags
If you would like to use this flag of Morocco or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Map
If you would like to use this map of Morocco or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.
Country Information
If you would like to use this information for Morocco or any other on your website you are welcome to do so, all we ask is that you include a link back to our site on the same page. Please click here for information.