Short facts about the economy in 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.
Following structural adjustment programs supported by the IMF, World Bank, and
the Paris Club, the dirham is now fully convertible for current account
transactions, and reforms of the financial sector have been implemented. Drought
conditions depressed activity in the key agricultural sector and contributed to
a stagnant economy in 1999 and 2000. During that time, however, Morocco reported
large foreign exchange inflows from the sale of a mobile telephone license and
partial privatization of the state-owned telecommunications company. Favorable
rainfalls have led Morocco to predict a growth of 1% for 2001. Formidable
long-term challenges include: servicing the external debt; preparing the economy
for freer trade with the EU; and improving education and attracting foreign
investment to boost living standards and job prospects for Morocco's youthful
population. |
| GDP: |
purchasing power parity - $105 billion
(2000 est.) |
| GDP - real
growth rate: |
0.8% (2000
est.) |
| GDP - per
capita: |
purchasing power parity - $3,500 (2000
est.) |
| GDP -
composition by sector: |
agriculture: 15%
industry: 33%
services: 52% (1999
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) |
| Inflation
rate (consumer prices): |
2% (2000
est.) |
| Labor
force: |
11 million (1997
est.) |
| Labor force
- by occupation: |
agriculture 50%, services 35%, industry
15% (1999 est.) |
| Unemployment
rate: |
23% (1999
est.) |
| Budget: |
revenues: $9.6 billion
expenditures: $8.6 billion, including capital
expenditures of $2.1 billion (2001 est.) |
| Industries: |
phosphate rock mining and processing,
food processing, leather goods, textiles, construction,
tourism |
| Industrial
production growth rate: |
0.5% (1999
est.) |
| Electricity
- production: |
13.695 billion kWh
(1999) |
| Electricity
- production by source: |
fossil fuel: 89.19%
hydro: 10.81%
nuclear:
0%
other: 0% (1999) |
| Electricity
- consumption: |
13.441 billion kWh
(1999) |
| Electricity
- exports: |
0 kWh
(1999) |
| Electricity
- imports: |
705 million kWh
(1999) |
| Agriculture
- products: |
barley, wheat, citrus, wine,
vegetables, olives; livestock |
| Exports: |
$7.6 billion (f.o.b., 2000
est.) |
| Exports -
commodities: |
phosphates and fertilizers, food and
beverages, minerals |
| Exports -
partners: |
France 35%, Spain 9%, UK 8%, Germany
7%, US 5% (1999) |
| Imports: |
$12.2 billion (f.o.b., 1999
est.) |
| Imports -
commodities: |
semiprocessed goods, machinery and
equipment, food and beverages, consumer goods,
fuel |
| Imports -
partners: |
France 32%, Spain 12%, Italy 7%,
Germany 6%, UK 6% (1999) |
| Debt -
external: |
$18.4 billion (2000
est.) |
| Economic aid
- recipient: |
$565.6 million
(1995) |
| Currency: |
Moroccan dirham
(MAD) |
| Exchange
rates: |
Moroccan dirhams per US dollar - 10.590
(January 2001), 10.626 (2000), 9.804 (1999), 9.604 (1998), 9.527 (1997), 8.716
(1996) |
| Fiscal
year: |
calendar year | Source: World Factbook |
