An Overview of the Economy
2007 saw an unexpected drop in the economy due to a severe
drought, and the 8.1% GDP real growth achieved in 2006 slumped to
2.1%, emphasising the high dependency that Morocco still has on
agricultural output. Since the 'Plan Azur' reforms, the economic
climate has been more appealing but never stable. The Moroccan
currency is tied very closely to the euro to minimise volatility
meaning GBP/EUR and GBP/MAD have similar patterns. A foreign
exchange rate anchor, a well-managed monetary policy and inflation
rates have all been held to the levels of industrialised countries
for the last decade and according to World Bank and IMF reports,
the dirham has appreciated by 18% in real terms since 1990.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
125.3 |
| GDP (PPP) (CIA) (US$Billions) |
125.3 |
| GDP Growth (IMF) (%) |
2.2% |
| GDP Growth (CIA) (%) |
2.2% |
| GDP Per Capita (PPP) (IMF) (US$) |
4,075 |
| GDP Per Capita (PPP) (CIA) (US$) |
4,100 |
| GDP Per Sector (%) |
Agriculture: 14.5%
Services: 45%
Industry: 37.9 |
| Inflation (%) |
2% |
| Population Below the Poverty Line (%) |
15% |
| Labour Force (Millions) |
11.1 |
| Labour Force by Occupation (%) |
Agriculture: 14.5%
Services: 45%
Industry: 15% |
| Unemployment (%) |
2.1% |
| Main Industries |
Phosphate rock mining and processing,
food processing, leather goods, textiles,
construction, tourism. |
Sources: CIA World Factbook, IMF
GDP
GDP in Morocco has been unpredictable over the last few years
although in 2006, a 6.7% GDP rebound was seen.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
49.8 |
56.4 |
59.0 |
65.4 |
79.4 |
| GDP Growth (%) |
3.6% |
6.0% |
4.4% |
1.7% |
2.2% |
| GDP Per Capita (US$) |
1,484 |
1,677 |
1,712 |
1,788 |
2,389 |
| GDP Per Capita (PPP) (US$) |
3,223 |
3,381 |
3,554 |
3,921 |
4,100 |
| Inflation (%) |
3.6% |
1.2% |
2.1% |
1.0% |
2.0% |
| Unemployment (%) |
19.0% |
19.0% |
12.1% |
11.0% |
2.0% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
14.1 |
15.1 |
16.5 |
18.2 |
24.3 |
| Mobile Phone Users |
116,645 |
7,332,800 |
7,332,800 |
12,393,000 |
16,005,000 |
| Internet Users |
800 |
800 |
4,600,000 |
4,600,000 |
6,100,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
Morocco's largest industry is the mining of phosphates. Its
second and third largest industries come from foreign investment
and tourism.
Illegally though, Morocco ranks among the world's largest
producers and exporters of cannabis, its cultivation and sale
provide the economic base for much of the population of northern
Morocco. Almost 1 million Moroccans earn a living through the
industry.
major exports 2007
Clothing and textiles, electonric components, inorganic
chemicals, transistors, crude minerals.
major imports 2007
Crude petroleum, testiles, telecommunications equipment, wheat,
gas, electricity.
| export partners |
% of total |
| Spain |
20.6% |
| France |
20.5% |
| UK |
4.8% |
| Italy |
4.7% |
| India |
4.0% |
| import partners |
% of total |
| France |
17.5% |
| Spain |
13.9% |
| Saudi Arabia |
6.9% |
| China |
6.9% |
| Italy |
6.3% |
| Germany |
6.0% |
Source: CIA World Factbook
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