Morocco Economy:
Morocco faces problems typical for developing countries: restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable growth. 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 2004 Moroccan authorities instituted measures to boost foreign direct investment and trade by signing a free trade agreement with the US and selling government shares in the state telecommunications company and in the largest state-owned bank. Favorable rainfall over the past two years has boosted agricultural output and GDP growth passed 4% in 2004. In 2005 the budget deficit is expected to rise sharply - from 1.9% of GDP in 2004 - because of substantial increases in wages and oil subsidies. Long-term challenges include preparing the economy for freer trade with the US and European Union, improving education and job prospects for Morocco's youth, and raising living standards.
GDP (purchasing parity):
$134.6 billion (2004 est.)
GDP real growth rate:
4.4% (2004 est.)
GDP per capita:
purchasing power parity: $4,200 (2004 est.)
GDP composition by sector:
agriculture: 21.2%
industry: 35.8%
services: 43%
(2004)
Labor force:
11.02 million (2004 est.)
Labor force by occupation:
services: 45%, agriculture: 40%, industry: 15% (2003 est.)
Unemployment rate:
12.1% (2004 est.)
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 est.)
Inflation rate (consumer prices):
2.1% (2004 est.)
Investment (gross fixed):
22.4% of GDP (2004 est.)
Budget:
revenues: $12.86 billion (2004 est.)
expenditures: $15.4 billion including capital expenditures of $2.19 billion (2004 est.)
Public debt:
70.2% of GDP (2004 est.)
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:
13.91 billion kWh (2002 est.)
Electricity consumption:
14.24 billion kWh (2002 est.)
Electricity exports:
0 kWh (2002 est.)
Electricity imports:
1.3 billion kWh (2002 est.)
Oil production:
1,000 bbl/day (2004 est.)
Oil consumption:
167,000 bbl/day (2001 est.)
Oil exports:
NA
Oil imports:
NA
Oil proved reserves:
300 million bbl (2004 est.)
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 (2004 est.)
Current account balance:
$765.4 million (2004 est.)
Exports:
$9.75 billion (f.o.b. 2004 est.)
Exports commodities:
clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables
Exports partners:
France 33.6%, Spain 17.4%, UK 7.7%, , Italy 4.7%, US 4.1%, (2004)
Imports:
$15.63 billion (f.o.b. 2004 est.)
Imports commodities:
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
Imports partners:
France 18.2%, Spain 12.1%, Italy 6.6%, Germany 6%, Russia 5.7%, China 4.2%, Saudi Arabia 5.4%, US 4.1% (2004)
Reserves of foreign exchange and gold:
$15.14 billion (2004 est.)
Debt external:
$17.07 billion (2004 est.)
Economic aid recipient:
ODA: $218 million (2002 est.)
Currency:
Moroccan dirham (MAD)
Exchange rates:
Moroccan dirhams per US$: 8.87 (2004 est.), 9.57 (2003 est.), 11.02 (2002 est.), 11.3 (2001 est.), 10.63 (2000 est.)
Fiscal year:
calendar year
|
