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. Despite structural adjustment programs supported by the IMF, 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 (2003 est.)

GDP - real growth rate:

6% (2003 est.)

GDP - per capita:

purchasing power parity - $4,000 (2003 est.)

GDP - composition by sector:

agriculture: 22.9%
industry: 35.5%
services: 41.5% (2003 est.)

Investment (gross fixed):

21.7% of GDP (2003)

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% (2003 est.)

Labor force:

10.84 million (2003)

Labor force - by occupation:

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

Unemployment rate:

19% (2003 est.)

Budget:

revenues: $13.8 billion
expenditures: $14 billion, including capital expenditures of $2.1 billion (2004 est.)

Public debt:

76.2% of GDP (2003)

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 (2001 est.)

Oil - consumption:

167,000 bbl/day (2001 est.)

Oil - exports:

NA (2001)

Oil - imports:

NA (2001)

Oil - proved reserves:

900,000 bbl (1 January 2002)

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 (1 January 2002)

Current account balance:

$963 million (2003)

Exports:

$8.466 billion f.o.b. (2003 est.)

Exports - commodities:

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

Exports - partners:

France 26.3%, Spain 16.6%, UK 7.1%, Germany 5.2%, Italy 4.9% (2003 est.)

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 21.1%, Spain 13.6%, Italy 6.7%, Germany 6.7%, China 4.6%, Saudi Arabia 4.2% (2003 est.)

Reserves of foreign exchange & gold:

$14.08 billion (2003)

Debt - external:

$17.32 billion (2003 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