| People | Morocco |
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Economy - overview:
|
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):
|
$127 billion (2007 est.) |
GDP (official exchange rate):
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$72.76 billion (2007 est.) |
GDP - real growth rate:
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2.1% (2007 est.) |
GDP - per capita (PPP):
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$3,800 (2007 est.) |
GDP - composition by sector:
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agriculture: 15%
industry: 38.2%
services: 46.8% (2007 est.) |
Investment (gross fixed):
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24.8% of GDP (2007 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%: 2.6%
highest 10%: 30.9% (1999) |
Distribution of family income - Gini index:
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40 (2005 est.) |
Inflation rate (consumer prices):
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2.1% (2007 est.) |
Labor force:
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11.35 million (2007 est.) |
Labor force participation rate:
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33.05 % of population |
Labor force - by occupation:
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agriculture: 40%
industry: 15%
services: 45% (2003 est.) |
Unemployment rate:
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15% (2007 est.) |
Budget:
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revenues: $19.39 billion
expenditures: $21.21 billion (2007 est.) |
Budget revenues per capita:
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565 USD per capita |
Public debt:
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63.6% of GDP (2007 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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6% (2007 est.) |
Electricity - production:
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21.37 billion kWh (2005) |
Electricity - production per capita:
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623 kWh per capita |
Electricity - consumption:
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20.67 billion kWh (2005) |
Electricity - consumption - per capita:
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602 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
|
802 million kWh (2005) |
Oil - production:
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3,746 bbl/day (2005 est.) |
Oil - production per capita:
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110 bbl/day per capita |
Oil - consumption:
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176,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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1.87 bbl/year per capita |
Oil - exports:
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21,890 bbl/day (2004 est.) |
Oil - imports:
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186,100 bbl/day (2004 est.) |
Oil - proved reserves:
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1.069 million bbl (1 January 2006 est.) |
Natural gas - production:
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47.95 million cu m (2005 est.) |
Natural gas - production per capita:
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2 cu m per capita |
Natural gas - consumption:
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47.95 million cu m (2005 est.) |
Natural gas - consumption - per capita:
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2 cu m per capita |
Natural gas - exports:
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0 cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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1.629 billion cu m (1 January 2006 est.) |
Agriculture - products:
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barley, wheat, citrus, wine, vegetables, olives; livestock |
Current account balance:
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$433.9 million (2007 est.) |
Current account balance - per capita:
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13 USD per capita |
Exports:
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$12.73 billion f.o.b. (2007 est.) |
Exports per capita:
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371 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 20.6%, France 20.5%, UK 4.8%, Italy 4.7%, India 4% (2006) |
Imports:
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$22.15 billion f.o.b. (2007 est.) |
Imports per capita:
|
645 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 17.5%, Spain 13.9%, Saudi Arabia 6.9%, China 6.9%, Italy 6.3%, Germany 6% (2006) |
Reserves of foreign exchange and gold:
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$23.8 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
694 USD per capita |
Debt - external:
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$16.86 billion (31 December 2007 est.) |
Debt - external - per capita:
|
491 USD per capita |
Stock of direct foreign investment - at home:
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$23.5 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$567 million (2006 est.) |
Market value of publicly traded shares:
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$49.6 billion (2006) |
Economic aid - donor:
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void |
Economic aid - recipient:
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ODA, $651.8 million (2005) |
Economic aid - recipient per capita:
|
19 USD per capita |
Currency (code):
|
Moroccan dirham (MAD) |
Exchange rates:
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Moroccan dirhams per US dollar - 8.3563 (2007), 8.7722 (2006), 8.865 (2005), 8.868 (2004), 9.574 (2003) |
Fiscal year:
|
calendar year |
|
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