| Economy | Morocco |
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Economy - overview:
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Morocco has capitalized on its proximity to Europe and relatively low labor costs to build a diverse, open, market-oriented economy. In the 1980s Morocco pursued austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King Mohammed VI has presided over a stable economy marked by steady growth, low inflation, and generally declining government debt. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness. Key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel, and subcomponents. In 2006 Morocco entered into a bilateral Free Trade Agreement with the United States; it remains the only African country to have one. In 2008 Morocco entered into an Advanced Status agreement with the Euripean Union. Despite Morocco's economic progress, the country suffers from high unemployment and poverty. In 2011, high food and fuel prices strained the government's budget and widened the country's current account deficit. Key economic challenges for Morocco include fighting corruption, reducing government spending, reforming the education system and judiciary, addressing socioeconomic disparities, and building more diverse, higher value-added industries. |
GDP (purchasing power parity):
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$163 billion (2011 est.)
$155.8 billion (2010 est.)
$150.1 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$5,100 (2011 est.)
$4,900 (2010 est.)
$4,800 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$101.8 billion (2011 est.) |
GDP - real growth rate:
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4.6% (2011 est.)
3.7% (2010 est.)
4.9% (2009 est.) |
GDP - composition by sector:
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agriculture: 16.6%
industry: 32.3%
services: 51% (2011 est.) |
Investment (gross fixed):
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30.6% of GDP (2011 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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40.9 (2007 est.)
39.5 (1999 est.) |
Inflation rate (consumer prices):
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1.9% (2011 est.)
1% (2010 est.) |
Central bank discount rate:
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6.5% (31 December 2010 est.)
3.31% (31 December 2009 est.) |
Commercial bank prime lending rate:
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6.5% (31 December 2011 est.)
6.3% (31 December 2010 est.) |
Stock of money:
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$69.25 billion (31 December 2008)
$67.42 billion (31 December 2007) |
Stock of money - per capita:
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2,167 USD per capita |
Stock of quasi money:
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$18.98 billion (31 December 2008)
$16.23 billion (31 December 2007) |
Stock of quasi money - per capita:
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594 USD per capita |
Stock of domestic credit:
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$94.01 billion (31 December 2011 est.)
$88.84 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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2,941 USD per capita |
Stock of narrow money:
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$70.49 billion (31 December 2011 est.)
$66.09 billion (31 December 2010 est.) |
Stock of broad money:
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$108.2 billion (31 December 2010 est.)
$109.8 billion (31 December 2009 est.) |
Labor force:
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11.6 million (2011 est.) |
Labor force participation rate:
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36.29 % 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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9.2% (2011 est.)
9.1% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 21.9%
male: 22.8%
female: 19.4% (2009) |
Budget:
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revenues: $26 billion
expenditures: $31.94 billion (2011 est.) |
Budget revenues per capita:
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814 USD per capita |
Taxes and other revenues:
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25.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-5.8% of GDP (2011 est.) |
Public debt:
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65% of GDP (2011 est.)
61.1% of GDP (2010 est.) |
Industries:
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phosphate rock mining and processing, food processing, leather goods, textiles, construction, energy, tourism |
Industrial production growth rate:
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4.4% (2010 est.) |
Electricity - production:
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19.49 billion kWh (2008 est.) |
Electricity - production per capita:
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610 kWh per capita |
Electricity - consumption:
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21.47 billion kWh (2008 est.) |
Electricity - consumption - per capita:
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672 kWh per capita |
Electricity - exports:
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0 kWh (2009 est.) |
Electricity - imports:
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3.429 billion kWh (2009 est.) |
Oil - production:
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3,938 bbl/day (2010 est.) |
Oil - production per capita:
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124 bbl/day per capita |
Oil - consumption:
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209,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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2.39 bbl/year per capita |
Oil - exports:
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25,090 bbl/day (2009 est.) |
Oil - imports:
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221,000 bbl/day (2009 est.) |
Oil - proved reserves:
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680,000 bbl (1 January 2011 est.) |
Natural gas - production:
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60 million cu m (2009 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 (2009 est.) |
Natural gas - consumption - per capita:
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18 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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500 million cu m (2009 est.) |
Natural gas - proved reserves:
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1.444 billion cu m (1 January 2011 est.) |
Agriculture - products:
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barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine |
Current account balance:
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-$8.041 billion (2011 est.)
-$4.209 billion (2010 est.) |
Current account balance - per capita:
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-251 USD per capita |
Exports:
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$20.52 billion (2011 est.)
$17.58 billion (2010 est.) |
Exports per capita:
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642 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 19.7%, France 17.8%, India 5.8%, US 4.2%, Brazil 4.1% (2010) |
Imports:
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$39.42 billion (2011 est.)
$32.65 billion (2010 est.) |
Imports per capita:
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1,234 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 16.9%, Spain 14.2%, China 7.9%, US 6.2%, Saudi Arabia 6.1%, Italy 5.9%, Germany 5.4% (2010) |
Reserves of foreign exchange and gold:
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$21.92 billion (31 December 2011 est.)
$23.61 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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686 USD per capita |
Debt - external:
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$28.08 billion (31 December 2011 est.)
$26.56 billion (31 December 2010 est.) |
Debt - external - per capita:
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879 USD per capita |
Stock of direct foreign investment - at home:
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$45.03 billion (31 December 2011 est.)
$43.82 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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1,409 USD per capita |
Stock of direct foreign investment - abroad:
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$759 million (31 December 2011 est.)
$1.281 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
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24 USD per capita |
Market value of publicly traded shares:
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$69.15 billion (31 December 2010)
$62.91 billion (31 December 2009)
$65.75 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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2,164 USD per capita |
Currency (code):
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Moroccan dirham (MAD) |
Exchange rates:
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Moroccan dirhams (MAD) per US dollar -
8.081 (2011 est.)
8.4172 (2010 est.)
8.0571 (2009)
7.526 (2008)
8.3563 (2007) |
Fiscal year:
|
calendar year |
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