Economy - overview Morocco faces the problems typical of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. Following structural adjustment programs supported by the IMF, World Bank, and the Paris Club, the dirham is now fully convertible for current account transactions, and reforms of the financial sector have been implemented. Droughts depressed activity in the key agricultural sector and contributed to a stagnant economy in 1999 and 2000. During that time, however, Morocco reported large foreign exchange inflows from the sale of a mobile telephone license and partial privatization of the state-owned telecommunications company. Favorable rainfall in 2001 led to a growth of 5%. Formidable long-term challenges include: servicing the external debt; preparing the economy for freer trade with the EU; and improving education and attracting foreign investment to boost living standards and job prospects for Morocco's youth.

GDP purchasing power parity - $112 billion (2001 est.)

GDP - real growth rate 5% (2001 est.)

GDP - per capita purchasing power parity - $3,700 (2001 est.)

GDP - composition by sector
agriculture: 15%
industry: 33%
services: 52% (2000 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)

Inflation rate (consumer prices) 1% (2001 est.)

Labor force 11 million (1999)

Labor force - by occupation agriculture 50%, services 35%, industry 15% (1999 est.)

Unemployment rate 23% (1999 est.)

Budget
revenues: $13.8 billion
expenditures: $14.6 billion, including capital expenditures of $2.1 billion (2001 est.)

Industries phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism

Industrial production growth rate 0.5% (1999 est.)

Electricity - production 14.243 billion kWh (2000)

Electricity - production by source
fossil fuel: 91.27%
hydro: 8.73%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 14.346 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 1.1 billion kWh (2000)

Agriculture - products barley, wheat, citrus, wine, vegetables, olives; livestock

Exports $8.2 billion (f.o.b., 2001 est.)

Exports - commodities phosphates and fertilizers, food and beverages, minerals

Exports - partners France 26%, Spain 10%, UK 8%, Italy 6%, Germany 5%, India 5%, US 5% (2000)

Imports $12.4 billion (f.o.b., 2001 est.)

Imports - commodities semiprocessed goods, machinery and equipment, food and beverages, consumer goods, fuel

Imports - partners France 25%, Spain 11%, Germany 6%, Italy 6%, UK 5%, US 5% (2000)

Debt - external $19 billion (2001 est.)

Economic aid - recipient $565.6 million (1995)

Currency Moroccan dirham (MAD)

Currency code MAD

Exchange rates Moroccan dirhams per US dollar - 11.584 (January 2002), 11.303 (2001), 10.626 (2000), 9.804 (1999), 9.604 (1998), 9.527 (1997)

Fiscal year calendar year

NOTE: The information regarding Morocco on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Morocco Economy 2002 information contained here. All suggestions for corrections of any errors about Morocco Economy 2002 should be addressed to the CIA.