economy of morocco

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Economy of Morocco

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Economy of Morocco

100 Moroccan dirham

Rank 54th

Currency Moroccan Dirham(MAD)

Fiscal year Calendar year

Trade

organisations

WTO,CAEU

Statistics

GDP $153,257 billion (2010 est.)[1]

GDP growth 4.2% (2010 est.)

GDP per capita $4,740 (2010 est.)[2]

GDP by sector agriculture: 17.1%; industry: 31.6%; services:

51.4% (2010 est.)

Inflation(CPI) 2.5% (2010 est.)
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Population

belowpoverty line

15% (2009 est.)

Gini coefficient 40.9 (2005 est.)

Labour force 11.63 million (2010 est.)

Labour force

by occupation

Agriculture: 44.6%, Industry: 19.8%, Services:

35.5% (2006)

Unemployment 9.8% (2010 est.)

Main industries Phosphates, rock mining and processing, foodprocessing, leather goods, textiles, construction,

tourism

Ease of Doing

Business Rank

94th[1]

External

Exports $14.49 billion f.o.b. (2010 est.)

Export goods clothing and textiles, electric components,

inorganic chemicals, transistors, crude minerals,

fertilizers (including phosphates), petroleum

products, citrus fruits, vegetables, fish

Main export

partners

Spain22.02%,France20.22%,India4.91%,Italy

4% (2009)

Imports $34.19 billion f.o.b. (2010 est.)

Import goods Crude petroleum, textile fabric,

telecommunications equipment, wheat, gas and

electricity, transistors, plastics.

Main import France 16.95%, Spain 14.72%,China7.1%, Italy

6.76%,Germany6.28%,United States5.66%,
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partners Saudi Arabia5.11% (2009)

FDIstock $42.19 billion (31 December 2010 est.)

Gross external

debt

$22.69 billion (31 December 2010 est.)

Public finances

Public debt 58.2% of GDP (2010 est.)

Revenues $23.65 billion (2009 est.)

Expenses $25.59 billion (2009 est.)

Economic aid $706 million (2005)

Credit rating Standard & Poor's:[2]

BBB+ (Domestic)

BBB- (Foreign)

BBB+ (T&C Assessment)

Outlook: Stable[3]

Moody's:[3]Ba1

Outlook: Stable

Fitch:[3]BBB-

Outlook: Positive

Foreign reserves US$23.858 billion (March 2011)[4]

Main data source: CIA World Fact Book

All values, unless otherwise stated, are inUS dollars

Morocco's economy is considered a relativelyliberal economygoverned by thelaw of supplyand demand. Since 1993, the country has followed a policy ofprivatizationof certaineconomic sectors which used to be in the hands of thegovernment.[5]Morocco has become amajor player in the African economic affairs,[6]and is the5th African economyby GDP(PPP). The World Economic Forum placed Morocco as the 2nd most competitive economy inNorth Africa behind Tunisia, in its African Competitiveness Report 2009.[7]Additionally,
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Morocco was ranked the 1st African country by theEconomist Intelligence Unit'quality-of-life index, ahead ofSouth Africa.

Tough government reforms and steady yearly growth in the region of 45% from 2000 to2007, including 4.9% year-on-year growth in 20032007 the Moroccan economy is much

more robust than just a few years ago.Economic growthis far more diversified, with newservice and industrial poles, likeCasablancaandTangier, developing. Theagriculture sectoris being rehabilitated, which in combination with good rainfalls led to a growth of over 20%in 2009.

Theservices sectoraccounts for just over half ofGDPand industry, made up of mining,construction and manufacturing, is an additional quarter. The sectors who recorded thehighest growth are thetourism, telecoms and textile sectors. Morocco, however, still dependsto an inordinate degree on agriculture. The sector accounts for only around 14% of GDP butemploys 4045% of theMoroccan population. With a semi-arid climate, it is difficult toassure good rainfall and Morocco's GDP varies depending on the weather. Fiscal prudence

has allowed for consolidation, with both the budget deficit and debt falling as a percentage ofGDP.

In 2009 Morocco was ranked among the top thirty countries[8][9][10][11]in theoffshoring sector.Morocco opened its doors to offshoring in July 2006, as one component of the developmentinitiative Plan Emergence, and has so far attracted roughly half of the French-speaking callcentres that have gone offshore so far and a number of the Spanish ones.[12][13][14]Accordingto experts,multinational companiesare attracted by Morocco's geographical and culturalproximity toEurope,[8][13]in addition to its time zone. In 2007 the country had about 200 callcentres, including 30 of significant size, that employ a total of over 18,000 people.[13]

The economic system of the country presents several facets. It is characterized by a largeopening towards the outside world.Franceremains the primarytradepartner (supplier andcustomer) of Morocco. France is also the primarycreditorandforeign investorin Morocco. IntheArab world, Morocco has the second-largest non-oil GDP, behind Egypt, as of 2005.

Since the early 1980s, theMoroccan governmenthas pursued an economic program towardaccelerating real economy growth with the support of theInternational Monetary Fund, theWorld Bank, and theParis Clubof creditors. The country's currency, thedirham, is now fullyconvertible for current account transactions; reforms of the financial sector have beenimplemented; and state enterprises are being privatized.

The major resources of the Moroccan economy areagriculture,phosphates, andtourism. Salesof fish and seafood are important as well.Industryand mining contribute about one-third ofthe annual GDP. Morocco is the world's third-largest producer of phosphates (after theUnitedStatesandChina), and the price fluctuations of phosphates on the international market greatlyinfluence Morocco's economy. Tourism and workers' remittances have played a critical rolesince independence. The production of textiles and clothing is part of a growingmanufacturing sector that accounted for approximately 34% of total exports in 2002,employing 40% of the industrial workforce. The government wishes to increase textile andclothing exports from $1.27 billion in 2001 to $3.29 billion in 2010.
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The high cost of imports, especially ofpetroleumimports, is a major problem. Anotherchronic problem is unreliable rainfall, which producesdroughtor sudden floods; in 1995, thecountry's worst drought in 30 years forced Morocco to import grain and adversely affected theeconomy. Another drought occurred in 1997, and one in 19992000. Reduced incomes due todrought caused GDP to fall by 7.6% in 1995, by 2.3% in 1997, and by 1.5% in 1999. During

the years between drought, good rains brought bumper crops to market. Good rainfall in 2001led to a 5% GDP growth rate. Morocco suffers both from unemployment (9.6% in 2008), anda large external debt estimated at around $20 billion, or half of GDP in 2002.[15]

A reliable European ally in fighting terrorism, drug trafficking and illegal immigration,Morocco was granted an "advanced status" from the EU in 2008,[16]shoring up bilateral traderelations with Europe. Among the variousfree tradeagreements that Morocco has ratifiedwith its principal economic partners, are TheEuro-Mediterranean free trade areaagreementwith theEuropean Unionwith the objective of integrating theEuropean Free TradeAssociationat the horizons of 2012; theAgadir Agreement, signed with Egypt, Jordan, andTunisia, within the framework of the installation of theGreater Arab Free Trade Area; the

US-Morocco Free Trade AgreementwithUnited Stateswhich came into force on January 1,2006, and lately the agreement of free exchange withTurkey. (See section below)

Contents

[hide]

1 Macro-economic trend 2 Economic History (1960recent)

o 2.1 19601989o 2.2 19902000s

3 Recent developmentso 3.1 2008o 3.2 2009

4 Economic growth 5 Agriculture

o 5.1 Lando 5.2 Droughto 5.3 Cannabiso 5.4 Fishing

6 Industryo 6.1 Manufacturingo 6.2 Textileso 6.3 Mining

7 Serviceso 7.1 Tourismo 7.2 Information Technologyo 7.3 Retailo 7.4 Construction sector

8 Financeo 8.1 Insuranceo 8.2 Equity markets
http://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Petroleumhttp://en.wikipedia.org/wiki/Droughthttp://en.wikipedia.org/wiki/Droughthttp://en.wikipedia.org/wiki/Droughthttp://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-14http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-14http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-14http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-oxfordbusinessgroup.com-15http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-oxfordbusinessgroup.com-15http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-oxfordbusinessgroup.com-15http://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Euro-Mediterranean_free_trade_areahttp://en.wikipedia.org/wiki/Euro-Mediterranean_free_trade_areahttp://en.wikipedia.org/wiki/Euro-Mediterranean_free_trade_areahttp://en.wikipedia.org/wiki/European_Unionhttp://en.wikipedia.org/wiki/European_Unionhttp://en.wikipedia.org/wiki/European_Unionhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Agadir_Agreementhttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Agadir_Agreementhttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Agadir_Agreementhttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Greater_Arab_Free_Trade_Areahttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Greater_Arab_Free_Trade_Areahttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Greater_Arab_Free_Trade_Areahttp://en.wikipedia.org/wiki/US-Morocco_Free_Trade_Agreementhttp://en.wikipedia.org/wiki/US-Morocco_Free_Trade_Agreementhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/Economy_of_Moroccohttp://en.wikipedia.org/wiki/Economy_of_Moroccohttp://en.wikipedia.org/wiki/Economy_of_Moroccohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Macro-economic_trendhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Macro-economic_trendhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_History_.281960.E2.80.93recent.29http://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_History_.281960.E2.80.93recent.29http://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_History_.281960.E2.80.93recent.29http://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_History_.281960.E2.80.93recent.29http://en.wikipedia.org/wiki/Economy_of_Morocco#1960.E2.80.931989http://en.wikipedia.org/wiki/Economy_of_Morocco#1960.E2.80.931989http://en.wikipedia.org/wiki/Economy_of_Morocco#1960.E2.80.931989http://en.wikipedia.org/wiki/Economy_of_Morocco#1960.E2.80.931989http://en.wikipedia.org/wiki/Economy_of_Morocco#1990.E2.80.932000shttp://en.wikipedia.org/wiki/Economy_of_Morocco#1990.E2.80.932000shttp://en.wikipedia.org/wiki/Economy_of_Morocco#1990.E2.80.932000shttp://en.wikipedia.org/wiki/Economy_of_Morocco#1990.E2.80.932000shttp://en.wikipedia.org/wiki/Economy_of_Morocco#Recent_developmentshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Recent_developmentshttp://en.wikipedia.org/wiki/Economy_of_Morocco#2008http://en.wikipedia.org/wiki/Economy_of_Morocco#2008http://en.wikipedia.org/wiki/Economy_of_Morocco#2009http://en.wikipedia.org/wiki/Economy_of_Morocco#2009http://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_growthhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_growthhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Agriculturehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Agriculturehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Landhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Landhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Droughthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Droughthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Cannabishttp://en.wikipedia.org/wiki/Economy_of_Morocco#Cannabishttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fishinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fishinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Industryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Industryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Manufacturinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Manufacturinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Textileshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Textileshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Mininghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Mininghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Serviceshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Serviceshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tourismhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tourismhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Information_Technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Information_Technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Retailhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Retailhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Construction_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Construction_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Financehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Financehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Insurancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Insurancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Insurancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Financehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Construction_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Retailhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Information_Technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tourismhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Serviceshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Mininghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Textileshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Manufacturinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Industryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fishinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Cannabishttp://en.wikipedia.org/wiki/Economy_of_Morocco#Droughthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Landhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Agriculturehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_growthhttp://en.wikipedia.org/wiki/Economy_of_Morocco#2009http://en.wikipedia.org/wiki/Economy_of_Morocco#2008http://en.wikipedia.org/wiki/Economy_of_Morocco#Recent_developmentshttp://en.wikipedia.org/wiki/Economy_of_Morocco#1990.E2.80.932000shttp://en.wikipedia.org/wiki/Economy_of_Morocco#1960.E2.80.931989http://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_History_.281960.E2.80.93recent.29http://en.wikipedia.org/wiki/Economy_of_Morocco#Macro-economic_trendhttp://en.wikipedia.org/wiki/Economy_of_Moroccohttp://en.wikipedia.org/wiki/Turkeyhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/US-Morocco_Free_Trade_Agreementhttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Greater_Arab_Free_Trade_Areahttp://en.wikipedia.org/wiki/Council_of_Arab_Economic_Unity#Agadir_Agreementhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/European_Free_Trade_Associationhttp://en.wikipedia.org/wiki/European_Unionhttp://en.wikipedia.org/wiki/Euro-Mediterranean_free_trade_areahttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-oxfordbusinessgroup.com-15http://en.wikipedia.org/wiki/Economy_of_Morocco#cite_note-14http://en.wikipedia.org/wiki/Droughthttp://en.wikipedia.org/wiki/Petroleum


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9 Government financeso 9.1 Fiscal Policieso 9.2 Debt managemento 9.3 Taxation

10 Media and advertising 11 Communications

o 11.1 Telecommunications sectoro 11.2 Telephone systemo 11.3 Radioo 11.4 Broadband Internet access

12 External tradeo 12.1 Trade imbalance

13 Investmento 13.1 Foreign direct investmento 13.2 Investment by countryo 13.3 Investment by sector

14 Science and technology 15 Economy of Western Sahara 16 Development of the Northern Region

o 16.1 Tangier 17 Infrastructure

o 17.1 Development 18 Economic inequality 19 Labour

o 19.1 Unemployment 20 Energy 21 Environment 22 See also 23 Notes 24 External links

[edit] Macro-economic trend

Morocco is a fairly stable economy with continuous growth over the past half-century.Current GDP per capitagrew 47% in the Sixties reaching a peak growth of 274% in theSeventies. However, this proved unsustainable and growth scaled back sharply to just 8.2% inthe Eighties and 8.9% in the Nineties.

This is a chart of trend of gross domestic product of Morocco at market pricesestimatedbythe International Monetary Fund with figures in millions of Moroccan dirhams.

Year Gross Domestic Product US Dollar ExchangeInflation Index

(2000=100)

Per Capita Income

(as % of USA)

1980 74,090 3.93 Dirhams 33 8.87

1985 129,507 10.06 Dirhams 53 3.72

1990 212,819 8.24 Dirhams 67 5.17
http://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Equity_marketshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Government_financeshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Government_financeshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fiscal_Policieshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fiscal_Policieshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Debt_managementhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Debt_managementhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Taxationhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Taxationhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Media_and_advertisinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Media_and_advertisinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Communicationshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Communicationshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telecommunications_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telecommunications_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telephone_systemhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telephone_systemhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Radiohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Radiohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Broadband_Internet_accesshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Broadband_Internet_accesshttp://en.wikipedia.org/wiki/Economy_of_Morocco#External_tradehttp://en.wikipedia.org/wiki/Economy_of_Morocco#External_tradehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Trade_imbalancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Trade_imbalancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_countryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_countryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Science_and_technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Science_and_technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economy_of_Western_Saharahttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economy_of_Western_Saharahttp://en.wikipedia.org/wiki/Economy_of_Morocco#Development_of_the_Northern_Regionhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Development_of_the_Northern_Regionhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tangierhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tangierhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Infrastructurehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Infrastructurehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Developmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Developmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_inequalityhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_inequalityhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Labourhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Labourhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Unemploymenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Unemploymenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Energyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Energyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Environmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Environmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#See_alsohttp://en.wikipedia.org/wiki/Economy_of_Morocco#See_alsohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Noteshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Noteshttp://en.wikipedia.org/wiki/Economy_of_Morocco#External_linkshttp://en.wikipedia.org/wiki/Economy_of_Morocco#External_linkshttp://en.wikipedia.org/w/index.php?title=Economy_of_Morocco&action=edit&section=1http://en.wikipedia.org/w/index.php?title=Economy_of_Morocco&action=edit&section=1http://earthtrends.wri.org/text/economics-business/variable-638.htmlhttp://earthtrends.wri.org/text/economics-business/variable-638.htmlhttp://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001http://earthtrends.wri.org/text/economics-business/variable-638.htmlhttp://en.wikipedia.org/w/index.php?title=Economy_of_Morocco&action=edit&section=1http://en.wikipedia.org/wiki/Economy_of_Morocco#External_linkshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Noteshttp://en.wikipedia.org/wiki/Economy_of_Morocco#See_alsohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Environmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Energyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Unemploymenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Labourhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economic_inequalityhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Developmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Infrastructurehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Tangierhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Development_of_the_Northern_Regionhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Economy_of_Western_Saharahttp://en.wikipedia.org/wiki/Economy_of_Morocco#Science_and_technologyhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investment_by_countryhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Foreign_direct_investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Investmenthttp://en.wikipedia.org/wiki/Economy_of_Morocco#Trade_imbalancehttp://en.wikipedia.org/wiki/Economy_of_Morocco#External_tradehttp://en.wikipedia.org/wiki/Economy_of_Morocco#Broadband_Internet_accesshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Radiohttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telephone_systemhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Telecommunications_sectorhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Communicationshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Media_and_advertisinghttp://en.wikipedia.org/wiki/Economy_of_Morocco#Taxationhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Debt_managementhttp://en.wikipedia.org/wiki/Economy_of_Morocco#Fiscal_Policieshttp://en.wikipedia.org/wiki/Economy_of_Morocco#Government_finances


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1995 281,702 8.54 Dirhams 91 5.03

2000 354,208 10.62 Dirhams 100 3.73

2005 460,855 8.86 Dirhams 107 4.68

2006 503,714 8.72 Dirhams 72

For purchasing power parity comparisons, the U.S. Dollar is exchanged at over 8 Dirhams.Mean wages were $2.88 per man-hour in 2009.

[edit] Economic History (1960recent)

Main article:Economic history of Morocco

History of Morocco

This article is part ofa series

Ancient Morocco

[show]

Early Islamic Morocco

(7th C.11th C.)

[show]

Empire of Morocco

(since 11th C.)

[show]

European Protectorate

(19121956)
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[show]

Modern Morocco

(since 1956)

[show]

Moroccan dynasties[show]

Related Topics[show]

Morocco Portal

v t e

[edit] 19601989

Morocco instituted a series of development plans to modernize the economy and increaseproduction during the 1960s. Net investment under the five-year plan for 196064 was about$1.3 billion. The plan called for a growth rate of 6.2%, but by 1964 the growth rate had onlyreached only 3%. The main emphasis of the plan was on the development and modernizationof the agricultural sector. The five-year development plan for 196872 called for increasedagriculture and irrigation. The development of the tourist industry also figured prominently inthe plan. The objective was to attain an annual 5% growth rate in GDP; the real growth rateactually exceeded 6%.

Investment during the 1970s included industry and tourism development. The five-year plan

for 197377 envisaged a real economic growth of 7.5% annually. Industries singled out fordevelopment included chemicals (especially phosphoric acid), phosphate production, paperproducts, and metal fabrication. In 1975, KingHassan IIannounced a 50% increase ininvestment targets to allow for the effects of inflation. The 197880 plan was one ofstabilization and retrenchment, designed to improve Morocco's balance-of payments position.

The ambitious five-year plan for 198185, estimated to cost more than $18 billion, aimed atachieving a growth rate of 6.5% annually. The plan's principal priority was to create some900,000 new jobs and to train managers and workers in modern agricultural and industrialtechniques. Other major goals were to increase production in agriculture and fisheries to makethe country self-sufficient in food, and to develop energy, industry, and tourism to enable

Morocco to lessen its dependence on foreign loans. The plan called for significant expansion
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of irrigated land, for increased public works projects such as hospitals and schools, and foreconomic decentralization and regional development through the construction of 25 newindustrial parks outside the crowdedCasablanca-Knitracoastal area. Large industrialprojects included phosphoric acid plants, sugar refineries, mines to exploit cobalt, coal, silver,lead, and copper deposits, and oil-shale development.[17]

[edit] 19902000s

Moroccan GDP growth (19902005).

Moroccan economic policies brought macroeconomic stability to the country in the early1990s but did not spur growth sufficient to reduce unemployment despite MoroccanGovernment's ongoing efforts to diversify the economy.[18]Droughtconditions depressedactivity in the key agricultural sector, and contributed to an economic slowdown in 1999.Favourable rainfalls have led Morocco to a growth of 6% for 2000. Formidable long-termchallenges included: servicing theexternal debt; preparing the economy forfreer tradewiththeEU; and improving education and attractingforeign investmentto improve livingstandards and job prospects for Morocco's youthful population.

Macroeconomicstability coupled with relatively sloweconomic growthcharacterized theMoroccan economy over the period 20002005. The government introduced a number ofimportant economic reforms in that period. The economy, however, remained overlydependent on theagriculturalsector. Morocco's primary economic challenge was to accelerategrowth in order to reduce high levels ofunemployment. The government continuedliberalizing the telecommunications sector in 2002, as well as the rules foroiland gasexploration. This process started with the sale of a second GSM license in 1999. Thegovernment in 2003 was using revenue fromprivatizationsto finance increased spending.Although Morocco's economy grew in the early 2000s, it was not enough to significantlyreducepoverty.[17]

Through a foreignexchange rateanchor and well-managed monetary policy, Morocco heldinflationrates toindustrial countrylevels over the past decade. Inflation in 2000 and 2001were below 2%. Despite criticism among exporters that thedirhamhas become badlyovervalued, the current account deficit remains modest.Foreign exchange reserveswerestrong, with more than $7 billion in reserves at the end of 2001. The combination of strongforeign exchange reserves and active external debt management gave Morocco the capacity toservice its debt. Current external debt stands at about $16.6 billion.[3]

Economic growth, however, has been erratic and relatively slow, partially as a result of anover-reliance on the agricultural sector. Agriculture production is extremely susceptible to

rainfalllevels and ranges from 13% to 20% ofGDP. Given that 36% of Morocco'spopulation
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depends directly on agriculture production,droughtshave a severe knock-on effect to theeconomy. Two successive years of drought led to a 1% incline in real GDP in 1999 andstagnation in 2000. Better rains during the 2000 to 2001 growing season led to an 6.5%growth rate in 2001. Growth in 2006 went above 9%, this was achieved by a boomingrealestatemarket.Over the long term, Morocco will have to diversify its economy away from

[agriculture] to develop a more stable economic basis for growth.

The government introduced a series of structural reforms in recent years. The most promisingreforms have been in the liberalization of the telecommunications sector. In 2001, the processcontinued with the privatization of 35% of the state operatorMaroc Telecom. Moroccoannounced plans to sell two fixed licenses in 2002. Morocco also has liberalized rules foroiland gas explorationand has granted concessions for manypublic servicesin major cities. Thetender process in Morocco is becoming increasingly transparent. Many believe, however, thatthe process of economic reform must be accelerated in order to reduce urban unemploymentbelow the current rates above 20%.

[edit] Recent developments

Macroeconomic indicators

GDP(PPP) US $148.1 billion (2009 est.)

GDP growth 5.7% (2009 est.)

GDP per capitaPPP US $4,725 (2009 est.)

GNI(PPP) per capita US $3,990 (2009 est.)

Inflation(CPI) 4.6% (2009 est.)

Gini index 40.0 (2005)

Unemployment 2.1% (2008)

HDI 0.646 (2007)
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Labor force 11.5 million (2008 est.)

Pop. in poverty 15% (2008)

50 dirhams and Ksour in the background

Morocco's sound economic management in recent years has yielded strong growth andinvestment grade status and it is weathering the negative impacts of the global crisisimpressively well. Morocco is now addressing persistent social problems by reducingabsolute poverty rates, investing in human capital through quality education, expandingaccess to drinking water, and linking rural areas to markets through investment in roads.

Morocco faces challenges on human development outcomes despite progress over the pastdecade, in particular. Overall illiteracy rates and gender disparity in access to secondaryeducation remain high and the country continues to suffer poor outcomes on infant and

maternal mortality. It also needs to diversify its economy, become more competitive, andintegrate further into the global economy if it is to reach higher growth levels. Thegovernment has recognized this challenge and has put in place an ambitious process of legal,policy, and institutional modernization that has far-reaching political, economic, and socialdimensions. It has designed and is now implementing a comprehensive set of new sectorstrategies that respond to the overall national vision and that target development challengeswith clear, measurable goals and indicators.

[edit] 2008

In a statement,released on July 2008, theIMFcalled Morocco "a pillar of development in theregion" and congratulatedKing Mohammed VIand theCentral Bankon Morocco's continuedstrong economic progress and effective management ofmonetary policy.[19]

Morocco's economy is expected to grow by 6.5% in 2008, according to the Moroccan financeminister. While the forecast is slightly lower than the earlier 6.8% projected growth it stillremains quite an achievement considering the circumstances.GDPgrowth in 2007 was only2.2% due to a poor harvest caused by prolonged periods ofdrought; Morocco experiencednonagricultural GDP growth of 6.6 percent in 2007.Inflationis expected to reach 2.9% in2008 due to the rising costs of energy.[20]In an increasingly challengingglobal economicclimate, the IMF expects continued nonagricultural expansion of the Moroccan economy.
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The global financial crisis affected the Moroccan economy in only a limited way. Moroccomay be affected, by the slowdown of international economy, stirred by the global financialcrisis, and whose maximum impact on national economy could decrease the GDP growth rateby at least one point in 2009, according to theBank Al-Maghrib[21]

In a report issued on July 2008, the IMF noted that Morocco's financial sector is sound andresilient to shocks, and that the remarkable fiscal consolidation efforts of recent years haveallowed the Moroccan economy to absorb the impact of difficult international economicconditions and increasing global prices for essential commodities such as petroleum andenergy. International economic experts recognize that Morocco's exemplary economicperformance is beneficial not only to Moroccans, but also for the nearly 90 million peoplewho live theMaghreb.

Morocco is expected to close the year 2008 with a budgetary surplus ranging between MAD 3billion and MAD3.5 billion ($348 million to $407 million),[22]despite a difficult internationalcontext marked by a severe economic crisis. At the end of November 2008, the state's budget

registered a surplus of MAD 3.2 billion ($372 million), while at the end of November 2009,the budgetary surplus is projected at MAD 6.9 billion ($803 million).[22]

The diversification of the Economy includes a multi-disciplinary approach to the developmentof non-agricultural sector, including the creation of special sectorial zones in industry, tourismand services outsourcing. In addition, reforms to the higher educational system and businesslaw are also planified in the new program-contract signed in 2009 between the government,the banking sector and some zone-development companies. The approach also include a bettersustaining of small-business development and prospection of external markets. The objectiveis to become an emerging industrial country of the likes of Vietnam by 2015.

US Ambassador to the EU noted that:

"Morocco stands out as a model of economic reform for the region and for otherdeveloping countries. The kind of economic progress that Morocco has made, andwhich the rest of the Maghreb has the potential to accomplish, is the best antidote tothe new threat of terrorism in the region."[citation needed]

Moroccan GDP growth compared to region (IMF[23]

) 2006 2007 2008 2009

MaghrebGDP growth 4.3 4.3 5.5 4.9

Moroccan GDP growth 7.8 2.7 6.5 5.5

Algerian GDP growth

2.0 4.6 4.9 4.5Tunisian GDP growth 5.5 6.3 5.5 5.0

[edit] 2009

The economy has remained insulated from the worst effects of the world crisis. Due in part tothe rebounding of the agricultural sector, which had suffered from a 2007 drought, theeconomy expanded 5.6% in 2008, with 5.7% growth forecasted for 2009. Morocco's economyis the 61st largest in the world, according to the IMF, though its per-capita GDP is lowcompared to similarly ranked nations.King Mohammed VIhas recently launched two

national economic strategies: Plan Maroc Vert and Plan Emergence. The first seeks to create
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1.5m jobs in theagriculture sector, and add around 7.65 billion to GDP through 10.8 billionof investments by 2020, while the latter will establish new industrial zones and boost trainingto increase efficiency. Additionally, phosphates production, which accounted for more than athird of 2008 exports, is being restructured for greater value.

Morocco's economy is expected to achieve a 6.6% growth in the first quarter of 2009 up from4.8% in the past quarter thanks to prospects for anagricultural campaignabove the average ofthe past five years.[24][25]

By the end of December 2008, rainfalls exceeded that of an ordinary year by 106%. Thissurplus has benefited to all agricultural regions and increased the water stored in damsdestined for agriculture to 40.7%. In these conditions and taking into consideration a cerealcampaign nearing 70 million quintals, the agricultural value added could increase by 22.2% inthe first quarter of 2009, thus contributing 2.9% to the national economic growth.[24][25]

Due to a decrease of activity among Morocco's main commercial partners, foreign demand of

goods destined towards Morocco would moderately slow down in 2009 compared to the 9%rise in 2008. This trend could continue in Q1 of 2009 with a growth rate not exceeding 2%due to a lackluster economic growth outlook and the slowdown of international trade.

[edit] Economic growth

Morocco is a fairly stable economy with continuous growth over the past half-a-century.Current GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in theSeventies. However, this proved unsustainable and growth scaled back sharply to just 8.2% inthe Eighties and 8.9% in the Nineties.

Real GDP growth is expected to average 5.5% in the 200913 period, seen the prospects inthe tourism and the non-agricultural industry, as demand growth in theEurozoneMorocco's key export market and source of tourists is projected to be more subdued. Growthwill be well below the 810% levels that are widely regarded as necessary to have a majorimpact onpovertyandunemployment. Economic growth will also be intermittently hinderedby the impact of periodicdroughtson the rain-fed agricultural sector, the country's largestemployer.[26]

Moroccan GDP

growth (IMF)[27]

2004 2005 2006 2007 2008 2009 2010

2004

2010

MoroccanGDP(PPP)

101.904 108.171 120.365 126.943 138.177 148.109 159.007 NA

MoroccanGDP(Nominal)

56.948 59.524 65.640 75.116 90.470 97.68 106.59 NA

MoroccanGDP(PPP) percapita

3,409 3,585 3,945 4,093 4,432 4,725 5,025 NA

Percentage of GDPgrowth

4.8 3.0 7.8 2.7 6.54.4(est.)

4.4(est.)

Av. of

5.2%
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Public Debt(percentage ofGDP)[28]

59.4 63.1 58.1 53.6 51.951.8(est.)

50.1(est.)

NA

[edit] AgricultureMain article:Agriculture in Morocco

Agricultureemploys about 40% of Morocco's workforce. In the rainy sections of thenortheast,barley,wheat, and other cereals can be raised withoutirrigation. On the Atlanticcoast, where there are extensive plains, olives, citrus fruits, and wine grapes are grown,largely with water supplied by artesian wells. Morocco also produces a significant amount ofillicithashish, much of which is shipped toWestern Europe.Livestockare raised and forestsyield cork, cabinet wood, and building materials. Part of the maritime population fishes for itslivelihood.Agadir,Essaouira,El Jadida, andLaracheare among the important fishing

harbors.[29]

[edit] Land

Morocco is endowed with numerous exploitable resources. With approximately 33,000 squaremiles (85,000 km2) of arable land (one-seventh of which can be irrigated) and its generallytemperateMediterranean climate, Morocco's agricultural potential is matched by few otherArab or African countries. It is one of the few Arab countries that has the potential to achieveself-sufficiency in food production. In a normal year, Morocco produces two-thirds of thegrains (chiefly wheat, barley, and corn [maize]) needed for domestic consumption. Thecountry exports citrus fruits and early vegetables to the European market; its wine industry isdeveloped, and production of commercial crops (cotton, sugarcane, sugar beets, andsunflowers) is expanding. Newer crops such as tea, tobacco, and soybeans have passed theexperimental stage, the fertile Gharb plain being favourable for their cultivation. The countryis actively developing its irrigation potential that ultimately will irrigate more than 2.5 millionacres (1 million hectares).

[edit] Drought

Nevertheless, the danger of drought is ever present and still dramatically affects the Moroccaneconomy, even though Moroccan decisionmakers have recently stated that the economy

becomes more diversified and deconnected from rain falls. Especially, cereal yields stilldepend on considerable variation in annual precipitation. Well, cereals constitute theesssential of the agricultural value added and their production is very sensitive to rain falls.More important is that cereal yields determine not only the aggregate value added in theagricultural sector but also economic growth in general. According to the Moroccaneconomist, Brahim MANSOURI (Fiscal Policy and Economic Growth: Egypt, Morocco andTunisia Compared, UNECA, 2008), when drought, measured as a dummy variable computedon the basis of the rate of growth of cereal yield, endangers extremely, the growth rate of realGDP would fall by 10 percent (see also, Mansouri's articles inhttp://fr.wikipedia.org/wiki/Brahim_Mansouri ).

[edit] Cannabis
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Morocco consistently ranks among the world's largest producers and exporters ofcannabis,and its cultivation and sale provide the economic base for much of northern Morocco. Thecannabis is typically processed intohashish. This activity represents 0.57% of Morocco'sGDP. A UN survey in 2003 estimatedcannabis cultivationat about 1340 km in Morocco'sfive northern provinces. This represented 10% of the total area and 23% of the arable lands of

the surveyed territory and 1% of Morocco's total arable land.[30]

Morocco is a party to the1988 UN Drug Conventionand in 1992 Morocco passed legislation designed to implement itand its new national strategy against drugs formulated by its National Committee on Narcoticswas adopted in 2005. That same year, theInternational Narcotics Control Boardcommendedthe Government of Morocco for its efforts to eradicate cannabis plant cultivation on itsterritory, which has resulted in the total potential production of cannabis resin in theRifregion decreasing by 10 per cent over the previous year. At the same time the board calledupon the international community to support its efforts where possible.[31]

[edit] Fishing

Main article:Fishing industry in Morocco

The fishing industry in Morocco is a leading foreign exchange earner, accounting for 56% ofagricultural and 16% of total exports. For a long time the industry has been an economic pillarfor the country.[32]The Kingdom is considered thelargest fish marketin Africa, with anestimated total catch of 1,084,638 MT in 2001.[33]

[edit] Industry

Moroccan GDP by sector. (19802007)

The Moroccan industrial sector looks set to continue the strong growth it has enjoyed inrecent years. Industrial activity recorded a 5.5% increase in 2007, a slight rise over 2006,when the sector grew by 4.7%. Added value in the sector increased by 5.6% in 2007. Overallthe contribution of industrial activity to GDP fluctuates between about 25% and 35% everyyear, depending on the performance of the agriculture sector. The industrial sector accountedfor about 21.1% of employment in 2007 and the sector is a key component of thegovernment's effort to curb unemployment. The sector also attracts high levels of FDI andauthorities have announced initiatives to improve the investment climate, with particular

attention to off-shoring activities, automotive, aeronautics, electronics, food processing
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