Overview: After registering a robust 10% growth in 1988, the economy slowed in 1989 because of higher prices for food and oil imports, lower worker remittances, and a trade dispute with India over phosphoric acid prices that cost Rabat $500 million. To meet the foreign payments shortfall, Rabat has been drawing down foreign exchange reserves. Servicing the $22 billion foreign debt, high unemployment, and Morocco's vulnerability to external forces remain severe problems for the 1990s.

GDP: $21.9 billion, per capita $880 (1988); real growth rate 4.5% (1989 est.)

Inflation rate (consumer prices): 6% (1989)

Unemployment rate: 15% (1988)

Budget: revenues $5.1 billion; expenditures $6.0 billion, including capital expenditures of $1.4 billion (1988)

Exports: $3.1 billion (f.o.b., 1989); commodities--food and beverages 30%, semiprocessed goods 23%, consumer goods 21%, phosphates 17%; partners--EC 58%, India 7%, Japan 5%, USSR 3%, US 2%

Imports: $5.1 billion (f.o.b., 1989); commodities--capital goods 24%, semiprocessed goods 22%, raw materials 16%, fuel and lubricants 16%, food and beverages 13%, consumer goods 10%; partners--EC 53%, US 11%, Canada 4%, Iraq 3%, USSR 3%, Japan 2%

External debt: $22.2 billion (1989)

Industrial production: growth rate 4% (1989 est.)

Electricity: 2,140,000 kW capacity; 7,760 million kWh produced, 300 kWh per capita (1989)

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

Agriculture: 50% of employment and 30% of export value; not self-sufficient in food; cereal farming and livestock raising predominate; barley, wheat, citrus fruit, wine, vegetables, olives; fishing catch of 491,000 metric tons in 1987

Illicit drugs: illicit producer of cannabis; trafficking on the increase for both domestic and international drug markets; shipments of cannabis mostly directed to Western Europe; occasional transit point for cocaine from South America destined for Western Europe.

Aid: US commitments, including Ex-Im (FY70-88), $1.2 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $6.3 billion; OPEC bilateral aid (1979-89), $4.8 billion; Communist countries (1970-88), $2.3 billion

Currency: Moroccan dirham (plural--dirhams); 1 Moroccan dirham (DH) = 100 centimes

Exchange rates: Moroccan dirhams (DH) per US$1--8.093 (January 1990), 8.488 (1989), 8.209 (1988), 8.359 (1987), 9.104 (1986), 10.062 (1985)

Fiscal year: calendar year

NOTE: The information regarding Morocco on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Morocco Economy 1990 information contained here. All suggestions for corrections of any errors about Morocco Economy 1990 should be addressed to the CIA.