Economy of Morocco
| Economy - overview: | Moroccan economic policies brought macroeconomic stability to the country in the early 1990s but have not spurred growth sufficient to reduce unemployment that nears 20% in urban areas. Poverty has increased due to the volatile nature of GDP, Morocco's continued dependence on foreign energy, and its inability to promote the growth of small and medium size enterprises. However, GDP growth rebounded to 6.7% in 2006 due to high rainfall, which resulted in a strong second harvest. 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 and Morocco's financial sector is rudimentary. Moroccan authorities understand that reducing poverty and providing jobs is key to domestic security and development. In 2004, Moroccan authorities instituted measures to boost foreign direct investment and trade by signing a free trade agreement with the US, which entered into force in January 2006, and sold government shares in the state telecommunications company and in the largest state-owned bank. 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, which the government hopes to achieve by increasing tourist arrivals and boosting competitiveness in textiles. |
| GDP (purchasing power parity): | $152.5 billion (2006 est.) |
| GDP (official exchange rate): | $58.07 billion (2006 est.) |
| GDP - real growth rate: | 9.3% (2006 est.) |
| GDP - per capita (PPP): | $4,600 (2006 est.) |
| GDP - composition by sector: | agriculture: 13.3% industry: 31.2% services: 55.5% (2006 est.) |
| Labor force: | 11.25 million (2006 est.) |
| Labor force - by occupation: | agriculture: 40% industry: 15% services: 45% (2003 est.) |
| Unemployment rate: | 7.7% (2006 est.) |
| Population below poverty line: | 19% (2005 est.) |
| Household income or consumption by percentage share: | lowest 10%: 2.6% highest 10%: 30.9% (1998-99) |
| Distribution of family income - Gini index: | 40 (2005 est.) |
| Inflation rate (consumer prices): | 2.8% (2006 est.) |
| Investment (gross fixed): | 21.7% of GDP (2006 est.) |
| Budget: | revenues: $15.85 billion expenditures: $20.39 billion; including capital expenditures of $2.19 billion (2006 est.) |
| Public debt: | 70.9% of GDP (2006 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: | 4% (2004 est.) |
| Electricity - production: | 18.48 billion kWh (2004) |
| Electricity - production by source: | fossil fuel: 95.4% hydro: 4.6% nuclear: 0% other: 0% (2001) |
| Electricity - consumption: | 18.89 billion kWh (2004) |
| Electricity - exports: | 0 kWh (2004) |
| Electricity - imports: | 1.7 billion kWh (2004) |
| Oil - production: | 300 bbl/day (2005 est.) |
| Oil - consumption: | 170,000 bbl/day (2004 est.) |
| Oil - exports: | 21,890 bbl/day (2004 est.) |
| Oil - imports: | 186,100 bbl/day (2004 est.) |
| Oil - proved reserves: | 100 million bbl (2006 est.) |
| Natural gas - production: | 50 million cu m (2004 est.) |
| Natural gas - consumption: | 50 million cu m (2004 est.) |
| Natural gas - exports: | 0 cu m (2004 est.) |
| Natural gas - imports: | 0 cu m (2004 est.) |
| Natural gas - proved reserves: | 1.218 billion cu m (1 January 2005 est.) |
| Current account balance: | $389 million (2006 est.) |
| Exports: | $11.72 billion f.o.b. (2006 est.) |
| Exports - commodities: | clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables |
| Exports - partners: | France 21.4%, Spain 20.5%, UK 4.9%, Italy 4.7%, India 4.1% (2006) |
| Imports: | $21.22 billion f.o.b. (2006 est.) |
| Imports - commodities: | crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics |
| Imports - partners: | France 17.4%, Spain 13.4%, Saudi Arabia 6.9%, China 6.8%, Italy 6.3%, Germany 5.9% (2006) |
| Reserves of foreign exchange and gold: | $18.21 billion (2006 est.) |
| Debt - external: | $17.9 billion (2006 est.) |
| Economic aid - recipient: | ODA, $706 million (2004) |
| Currency (code): | Moroccan dirham (MAD) |
| Currency code: | MAD |
| Exchange rates: | Moroccan dirhams per US dollar - 8.7722 (2006), 8.865 (2005), 8.868 (2004), 9.574 (2003), 11.021 (2002) |
| Fiscal year: | calendar year |