Economy - overview Morocco faces the typical problems of developing countries - restraininggovernment spending, reducing constraints on private activity and foreign trade, and keeping inflation within manageable bounds. Since the early 1980sthe government has pursued an economic program toward these objectives withthe support of the IMF, the World Bank, and the Paris Club of creditors. Thedirham is now fully convertible for current account transactions; reformsof the financial sector have been implemented; and 43 state enterprises havebeen privatized. Drought conditions in three of the last four years have depressedactivity in the key agricultural sector, holding down exports and contributingto a 7.5% contraction in real GDP in 1995. Favorable rainfall in 1996 nurtureda record wheat crop and contributed to the 9% overall growth. Servicing thelarge external debt, preparing the economy for freer trade with the EuropeanUnion, and finding jobs for Morocco's youthful population remain long-termproblems.

GDP purchasing power parity - $97.6 billion (1996 est.)

GDP - real growth rate 9% (1996 est.)

GDP - per capita purchasing power parity - $3,260 (1996 est.)

GDP - composition by sector
agriculture: 21%
industry: 30%
services: 49% (1994)

Inflation rate - consumer price index 5% (1996 est.)

Labor force
total: 7.4 million
by occupation: agriculture 50%, services 26%, industry 15%, other 9% (1985)

Unemployment rate 20% (1995 est.)

Budget
revenues: $10.4 billion
expenditures: $10.75 billion, including capital expenditures of $NA (1996 est.)

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

Industrial production growth rate 4.5% (1996 est.)

Electricity - capacity 3.79 million kW (1994)

Electricity - production 10.17 billion kWh (1994)

Electricity - consumption per capita 385 kWh (1995 est.)

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

Exports
total value: $7.7 billion (f.o.b., 1996 est.)
commodities : food and beverages 30%, semiprocessed goods 23%, consumer goods 21%,phosphates 17% (1995 est.)
partners : EU 63%, Japan 7.7%, India 6.6%, US 3.4%, Libya 3.4% (1996 est.)

Imports
total value: $9.8 billion (c.i.f., 1996 est.)
commodities: capital goods 24%, semiprocessed goods 22%, raw materials 16%, fueland lubricants 16%, food and beverages 13%, consumer goods 9% (1995 est.)
partners: EU 57%, US 6.6%, Saudi Arabia 5.3%, Brazil 2.8% (1996 est.)

Debt - external $23.4 billion (1996 est.)

Economic aid
recipient: ODA, $297 million (1993)
note : $2.8 billion debt canceled by Saudi Arabia (1991)

Currency 1 Moroccan dirham (DH) = 100 centimes

Exchange rates Moroccan dirhams (DH) per US$1 - 9.018 (January 1997), 8.716 (1996),8.540 (1995), 9.203 (1994), 9.299 (1993), 8.538 (1992)

Fiscal year July 1-June 30

NOTE: The information regarding Morocco on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Morocco Economy 1997 information contained here. All suggestions for corrections of any errors about Morocco Economy 1997 should be addressed to the CIA.