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Morocco:
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Other pages in this profile of Morocco:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but have not spurred growth sufficient to reduce unemployment - nearing 20% in urban areas - despite the Moroccan Government's ongoing efforts to diversify the economy. Morocco's GDP growth rate slowed to 2.1% in 2007 as a result of a draught that severely reduced agricultural output and necessitated wheat imports at rising world prices. Continued dependence on foreign energy and Morocco's inability to develop small and medium size enterprises also contributed to the slowdown. Moroccan authorities understand that reducing poverty and providing jobs are key to domestic security and development. In 2005, Morocco launched the National Initiative for Human Development (INDH), a $2 billion social development plan to address poverty and unemployment and to improve the living conditions of the country's urban slums. Moroccan authorities are implementing reform efforts to open the economy to international investors. 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. In 2000, Morocco entered an Association Agreement with the EU and, in 2006, entered a Free Trade Agreement (FTA) with the US. Long-term challenges include improving education and job prospects for Morocco's youth, and closing the income gap between the rich and the poor, which the government hopes to achieve by increasing tourist arrivals and boosting competitiveness in textiles. |
GDP (purchasing power parity) |
Definition - World rank and map $125.3 billion (2007 est.) |
GDP (official exchange rate) |
Definition $73.43 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 2.1% (2007 est.) |
GDP - per capita |
Definition - World rank and map $4,100 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 14.5% industry: 37.9% services: 47.7% (2007 est.) |
Labor force |
Definition 11.05 million (2007 est.) |
Labor force - by occupation |
Definition agriculture: 40% industry: 15% services: 45% (2003 est.) |
Unemployment rate |
Definition - World rank and map 10.2% (2007 est.) |
Population below poverty line |
Definition 15% (2007 est.) |
Household income or consumption by percentage share |
Definition lowest 10%: 2.6% highest 10%: 30.9% (1999) |
Distribution of family income - Gini index |
Definition - World rank and map 40 (2005 est.) |
Inflation rate (consumer prices) |
Definition - World rank and map 2% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 25.8% of GDP (2007 est.) |
Budget |
Definition revenues: $20.58 billion expenditures: $21.71 billion (2007 est.) |
Public debt |
Definition - World rank and map 72.4% of GDP (2007 est.) |
Agriculture - products |
Definition barley, wheat, citrus, wine, vegetables, olives; livestock |
Industries |
Definition phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism |
Industrial production growth rate |
Definition - World rank and map 4% (2007 est.) |
Electricity - production |
Definition - World rank and map 21.37 billion kWh (2005) |
Electricity - consumption |
Definition - World rank and map 20.67 billion kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 601.9 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 802 million kWh (2005) |
Oil - production |
Definition - World rank and map 3,746 bbl/day (2005 est.) |
Oil - consumption |
Definition - World rank and map 176,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 5.1 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 21,890 bbl/day (2004 est.) |
Oil - imports |
Definition - World rank and map 186,100 bbl/day (2004 est.) |
Oil - proved reserves |
Definition - World rank and map 100 million bbl (2007 est.) |
Natural gas - production |
Definition - World rank and map 47.95 million cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 47.95 million cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 1 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 1.629 billion cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$71 million (2007 est.) |
Exports |
Definition - World rank and map $12.75 billion f.o.b. (2007 est.) |
Exports - commodities |
Definition clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish |
Exports - partners |
Definition Spain 21.2%, France 19%, UK 4.9%, Italy 4.9%, India 4.2% (2006) |
Imports |
Definition - World rank and map $27.14 billion f.o.b. (2007 est.) |
Imports - commodities |
Definition crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics |
Imports - partners |
Definition France 16.3%, Spain 13.7%, China 7.3%, Italy 6.8%, Saudi Arabia 6.5%, Germany 6%, US 4.6%, Netherlands 4.1% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $24.29 billion (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $19.91 billion (31 December 2007 est.) |
Stock of direct foreign investment - at home |
Definition $26.52 billion (2007 est.) |
Stock of direct foreign investment - abroad |
Definition $567 million (2006 est.) |
Market value of publicly traded shares |
Definition $49.6 billion (2006) |
Economic aid - recipient |
Definition ODA, $651.8 million (2005) |
Currency (code) |
Definition Moroccan dirham (MAD) |
Exchange rates |
Definition Moroccan dirhams per US dollar - 8.3563 (2007), 8.7722 (2006), 8.865 (2005), 8.868 (2004), 9.574 (2003) |
Fiscal year |
Definition calendar year |
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