| Economy | Morocco |
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Economy - overview:
|
Economic policies pursued since 2003 by King Mohammed VI have brought macroeconomic stability to the country, improved financial sector performance, and made steady progress in developing the services and industrial sectors. The National Initiative for Human Development (INDH), a $2 billion initiative launched by the King in 2005, has improved social welfare through a successful rural electrification program, an overhaul of the tourism and agriculture sectors, and the gradual replacement of urban slums with decent housing. Despite the INDH's success, Morocco continues to grapple with a high illiteracy rate, a low education enrollment rate, and a high urban youth unemployment rate of around 30%. Moroccan exports have dropped sharply since mid-2008 as a result of the decline in global phosphates prices--the bulk of Moroccan exports by value--and the global economic slowdown. The economic slowdown in Europe--Morocco's main export market--also prompted a decline in the flow of foreign tourists and remittances, two primary sources of foreign currency. A record agricultural harvest, strong government spending, and domestic consumption, however, combined to partly offset losses from weak exports and helped GDP grow at a weak but positive 2.6% in 2009. Despite structural adjustment programs supported by the IMF, the World Bank, and the Paris Club, the dirham is only fully convertible for selected transactions. In 2006, Morocco entered a Free Trade Agreement (FTA) with the US, and in 2008 entered into an advanced status in its 2000 Association Agreement with the EU. Long-term challenges include improving education and job prospects for Morocco's youth, closing the income gap between the rich and the poor, confronting corruption, and expanding and diversifying exports beyond phosphates and low-value added products. |
GDP (purchasing power parity):
|
$145.2 billion (2009 est.)
$139.6 billion (2008 est.)
$131.5 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$4,600 (2009 est.)
$4,500 (2008 est.)
$4,300 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
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$90.78 billion (2009 est.) |
GDP - real growth rate:
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4% (2009 est.)
6.2% (2008 est.)
3.2% (2007 est.) |
GDP - composition by sector:
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agriculture: 18.8%
industry: 32.6%
services: 48.6% (2009 est.) |
Investment (gross fixed):
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32.5% of GDP (2009 est.) |
Population below poverty line:
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15% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.7%
highest 10%: 33.2% (2007) |
Distribution of family income - Gini index:
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40 (2005)
39.5 (1999 est.) |
Inflation rate (consumer prices):
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2% (2009 est.)
3.8% (2008 est.) |
Central bank discount rate:
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3.32% (31 December 2008)
3.25% (31 December 2007) |
Commercial bank prime lending rate:
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NA% (31 December 2008) |
Stock of money:
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$NA (31 December 2008)
$67.42 billion (31 December 2007) |
Stock of money - per capita:
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1 USD per capita |
Stock of quasi money:
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$NA (31 December 2008)
$16.23 billion (31 December 2007) |
Stock of quasi money - per capita:
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void |
Stock of domestic credit:
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$NA (31 December 2008)
$71.9 billion (31 December 2007) |
Stock of domestic credit - per capita:
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void |
Labor force:
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11.46 million (2009 est.) |
Labor force participation rate:
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36.63 % of population |
Labor force - by occupation:
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agriculture: 44.6%
industry: 19.8%
services: 35.5% (2006 est.) |
Unemployment rate:
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9.1% (2009 est.)
9.5% (2008 est.) |
Budget:
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revenues: $22.9 billion
expenditures: $23.86 billion (2009 est.) |
Budget revenues per capita:
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732 USD per capita |
Public debt:
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54.1% of GDP (2009 est.)
55.6% of GDP (2008 est.) |
Industries:
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phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism |
Industrial production growth rate:
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1.9% (2009 est.) |
Electricity - production:
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21.56 billion kWh (2007 est.) |
Electricity - production per capita:
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690 kWh per capita |
Electricity - consumption:
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20.78 billion kWh (2007 est.) |
Electricity - consumption - per capita:
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665 kWh per capita |
Electricity - exports:
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0 kWh (2008 est.) |
Electricity - imports:
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3.455 billion kWh (2007 est.) |
Oil - production:
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4,310 bbl/day (2008 est.) |
Oil - production per capita:
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138 bbl/day per capita |
Oil - consumption:
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187,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
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2.18 bbl/year per capita |
Oil - exports:
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17,420 bbl/day (2007 est.) |
Oil - imports:
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195,800 bbl/day (2007 est.) |
Oil - proved reserves:
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750,000 bbl (1 January 2009 est.) |
Natural gas - production:
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60 million cu m (2008 est.) |
Natural gas - production per capita:
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2 cu m per capita |
Natural gas - consumption:
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560 million cu m (2008 est.) |
Natural gas - consumption - per capita:
|
18 cu m per capita |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
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500 million cu m (2008 est.) |
Natural gas - proved reserves:
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1.501 billion cu m (1 January 2009 est.) |
Agriculture - products:
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barley, wheat, citrus, wine, vegetables, olives; livestock |
Current account balance:
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$-3.795 billion (2009 est.)
$-5.836 billion (2008 est.) |
Current account balance - per capita:
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-121 USD per capita |
Exports:
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$15.61 billion (2009 est.)
$20.17 billion (2008 est.) |
Exports per capita:
|
499 USD per capita |
Exports - commodities:
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clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish |
Exports - partners:
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Spain 19.2%, France 17.6%, Brazil 7.1%, US 4.5%, Belgium 4.5%, Italy 4.3% (2008) |
Imports:
|
$31.83 billion (2009 est.)
$39.35 billion (2008 est.) |
Imports per capita:
|
1,018 USD per capita |
Imports - commodities:
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crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics |
Imports - partners:
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France 16.1%, Spain 13.5%, Italy 6.5%, China 6%, Germany 5.6%, Saudi Arabia 5.4%, Moldova 5% (2008) |
Reserves of foreign exchange and gold:
|
$21.54 billion (31 December 2009 est.)
$22.72 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
689 USD per capita |
Debt - external:
|
$20.06 billion (31 December 2009 est.)
$20.12 billion (31 December 2008 est.) |
Debt - external - per capita:
|
642 USD per capita |
Stock of direct foreign investment - at home:
|
$42.68 billion (31 December 2009 est.)
$42.68 billion (31 December 2009 est.) |
Stock of direct foreign investment - at home - per capita:
|
1,365 USD per capita |
Stock of direct foreign investment - abroad:
|
$641 million (31 December 2009 est.)
$966 million (31 December 2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
21 USD per capita |
Market value of publicly traded shares:
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$65.75 billion (31 December 2008)
$75.49 billion (31 December 2007)
$49.36 billion (31 December 2006) |
Market value of publicly traded shares - per capita:
|
2,102 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$651.8 million |
Economic aid - recipient per capita:
|
21 USD per capita |
Currency (code):
|
Moroccan dirham (MAD) |
Exchange rates:
|
Moroccan dirhams (MAD) per US dollar - 8.1081 (2009), 7.526 (2008), 8.3563 (2007), 8.7722 (2006), 8.865 (2005) |
Fiscal year:
|
calendar year |
|
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