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Morocco: Economy

Economy 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. Droughts 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 rainfall in 2001 led to a growth of 6.5%. Good harvest conditions continued to support GDP growth in 2002. Formidable long-term challenges include: servicing the external debt; modernizing the industrial sector; preparing the economy for freer trade with the EU and US; and improving education and attracting foreign investment to boost living standards and job prospects for Morocco's youth.
GDP:
purchasing power parity - $121.8 billion (2002 est.)
GDP - real growth rate:
4.6% (2002 est.)
GDP - per capita:
purchasing power parity - $3,900 (2002 est.)
GDP - composition by sector:
agriculture: 15%
industry: 33%
services: 52% (2000 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):
3.6% (2002 est.)
Labor force:
11 million (1999)
Labor force - by occupation:
agriculture 50%, services 35%, industry 15% (1999 est.)
Unemployment rate:
19% (2002 est.)
Budget:
revenues: $13.8 billion
expenditures: $14.6 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:
13.35 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 (2001 est.)
Oil - consumption:
167,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
900,000 bbl (37257)
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 (37257)
Agriculture - products:
barley, wheat, citrus, wine, vegetables, olives; livestock
Exports:
$7.5 billion f.o.b. (2002 est.)
Exports - commodities:
clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables
Exports - partners:
France 26.5%, Spain 14.3%, UK 7.9%, Germany 5.8%, Italy 5.6%, US 4.8% (2002)
Imports:
$10.4 billion f.o.b. (2002 est.)
Imports - commodities:
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
Imports - partners:
France 20.9%, Spain 12.6%, Italy 6.3%, Germany 5.5%, US 4.6%, UK 4.1%, Saudi Arabia 4.1% (2002)
Debt - external:
$17.7 billion (2002 est.)
Economic aid - recipient:
$565.6 million (1995)
Currency:
Moroccan dirham (MAD)
Currency code:
MAD
Exchange rates:
Moroccan dirhams per US dollar - 11.02 (2002), 11.3 (2001), 10.63 (2000), 9.8 (1999), 9.6 (1998)
Fiscal year:
calendar year

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Source: The CIA World Fact Book 2003

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