Morocco



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Morocco Economy 2001


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. Drought conditions 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 rainfalls have led Morocco to predict a growth of 1% for 2001. 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 youthful population.
GDP: purchasing power parity - $105 billion (2000 est.)
GDP - real growth rate: 0.8% (2000 est.)
GDP - per capita: purchasing power parity - $3,500 (2000 est.)
GDP - composition by sector: agriculture:  15% industry:  33% services:  52% (1999 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)
Inflation rate (consumer prices): 2% (2000 est.)
Labor force: 11 million (1997 est.)
Labor force - by occupation: agriculture 50%, services 35%, industry 15% (1999 est.)
Unemployment rate: 23% (1999 est.)
Budget: revenues:  $9.6 billion expenditures:  $8.6 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: 13.695 billion kWh (1999)
Electricity - production by source: fossil fuel:  89.19% hydro:  10.81% nuclear:  0% other:  0% (1999)
Electricity - consumption: 13.441 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 705 million kWh (1999)
Agriculture - products: barley, wheat, citrus, wine, vegetables, olives; livestock
Exports: $7.6 billion (f.o.b., 2000 est.)
Exports - commodities: phosphates and fertilizers, food and beverages, minerals
Exports - partners: France 35%, Spain 9%, UK 8%, Germany 7%, US 5% (1999)
Imports: $12.2 billion (f.o.b., 1999 est.)
Imports - commodities: semiprocessed goods, machinery and equipment, food and beverages, consumer goods, fuel
Imports - partners: France 32%, Spain 12%, Italy 7%, Germany 6%, UK 6% (1999)
Debt - external: $18.4 billion (2000 est.)
Economic aid - recipient: $565.6 million (1995)
Currency: Moroccan dirham (MAD)
Currency code: MAD
Exchange rates: Moroccan dirhams per US dollar - 10.590 (January 2001), 10.626 (2000), 9.804 (1999), 9.604 (1998), 9.527 (1997), 8.716 (1996)
Fiscal year: calendar year

NOTE: The economy information regarding Morocco on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Morocco Economy 2001 information contained here. All suggestions for corrections of any errors about Morocco Economy 2001 should be addressed to the CIA.