Morocco Economy
Economy_________________________
Overview:
GDP (purchasing power parity): $139.5 billion
budget revenues: $12.94
revenue sectors: agriculture (21.7%); industry (35.7%); services (42.6%)
agricultural products: barley, wheat, citrus, wine, vegetables, olives; livestock
industries: phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism
natural resources: phosphates, iron ore, manganese, lead, zinc, fish, salt
arable land: 20%
labor force: 11.19 million
labor force by occupation: agriculture 40%, services 45%, industry 15%
export revenue: $9.472 billion f.o.b.
export products: clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables
export partners: France 33.6%, Spain 17.4%, UK 7.7%, Italy 4.7%, US 4.1%
import expenditures: $18.15 billion
import products: crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
import partners: France 18.2%, Spain 12.1%, Italy 6.6%, Germany 6%, Russia 5.7%, Saudi Arabia 5.4%, China 4.2%, US 4.1%
external debt: $15.6 billion
currency: Moroccan dirham (MAD)
exchange rates: Moroccan dirhams per US dollar - 8.78 (2005), 8.868 (2004), 9.574 (2003), 11.021 (2002), 11.303 (2001)
inflation rate: 2.1%
population below poverty line: 19%
unemployment rate:12.1%
Sources of income:
The mining of phosphates is the largest source of income in Morocco , followed by nationals living abroad who transfer money to relatives living in Morocco , and tourism.
Morocco is also one of the world’s largest producers and exporters of cannabis. Its cultivation and sale accounts for $37.3 billion, 0.57 per cent of Morocco ’s Gross Domestic Product (GDP), and provides an economic base for much of northern Morocco .
Trade agreements:
In an attempt to boost foreign investment, Morocco has signed Free Trade Agreements with the European Union (to take effect in 2010) and the United States.
Challenges:  | reducing constraints on private activity and foreign trade
| | preparing economy for freer trade with the US and European Union
| | achieving sustainable growth
| | raising living standards
| | improving education and job prospects
| | reducing the utilization of child labor
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