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Morocco Economy 2011
https://theodora.com/wfb2011/morocco/morocco_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 13, 2011

Economy - overview:
Morocco's market economy benefits from the country's relatively low labor costs and proximity to Europe, which aid key areas of the economy such as agriculture, light manufacturing, tourism, and remittances. Morocco is also the world's largest exporter of phosphate, which has long provided a source of export earnings and economic stability. Economic policies pursued since 2003 by King MOHAMMED VI have brought macroeconomic stability to the country with generally low inflation, improved financial performance, and steady progress in developing the service and industrial sectors. In 2006, Morocco entered a Free Trade Agreement (FTA) with the US, and in 2008 entered into an advanced status in its 2000 Association Agreement with the EU. However, poverty, illiteracy, and unemployment rates remain high. In response to these challenges, King MOHAMMED in 2005 launched a National Initiative for Human Development, a $2 billion program aimed at alleviating poverty and underdevelopment by expanding electricity to rural areas and replacing urban slums with public and subsidized housing, among other policies. Morocco's trade and budget deficits widened in 2010, and reducing govenment spending and adapting to sluggish economic growth in Europe will be challenges in 2011. Morocco's long-term challenges include improving education and job prospects for young Moroccans, closing the disparity in wealth between the rich and the poor, confronting corruption, and expanding and diversifying exports beyond phosphates and low-value-added products.

GDP (purchasing power parity):
$153.8 billion (2010 est.)
country comparison to the world: 58

$147.6 billion (2009 est.)
$140.6 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$91.7 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4.2% (2010 est.)
country comparison to the world: 73

4.9% (2009 est.)
5.6% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,900 (2010 est.)
country comparison to the world: 148

$4,700 (2009 est.)
$4,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 17.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 31.6%
[see also: GDP - composition by sector - industry country ranks ]
services: 51.4% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
11.63 million (2009 est.)
country comparison to the world: 43
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 44.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 19.8%
[see also: Labor force - by occupation - industry country ranks ]
services: 35.5% (2006 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
9.8% (2010 est.)
country comparison to the world: 109

9.1% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
15% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 33.2% (2007)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
40.9 (2005 est.)
country comparison to the world: 58

39.5 (1999 est.)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
30.2% of GDP (2009 est.)
country comparison to the world: 17
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $23.42 billion
[see also: Budget - revenues country ranks ]
expenditures: $27.08 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
58.2% of GDP (2010 est.)
country comparison to the world: 39

56.9% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.5% (2010 est.)
country comparison to the world: 76

1% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3.31% (31 December 2009)
country comparison to the world: 112

3.32% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.5% (31 December 2008)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$67.33 billion (31 December 2010 est)

$64.58 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$108.7 billion (31 December 2009)

$99.5 billion (31 December 2008)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$93.21 billion (31 December 2010 est.)
country comparison to the world: 53

$91.83 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$62.91 billion (31 December 2009)
country comparison to the world: 47

$65.75 billion (31 December 2008)
$75.49 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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

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

Industrial production growth rate:
4.4% (2009 est.)
country comparison to the world: 76
[see also: Industrial production growth rate country ranks ]

Electricity - production:
19.78 billion kWh (2008 est.)
country comparison to the world: 71
[see also: Electricity - production country ranks ]

Electricity - consumption:
20.78 billion kWh (2007 est.)
country comparison to the world: 68
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
3.429 billion kWh (2009 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
4,053 bbl/day (2009 est.)
country comparison to the world: 97
[see also: Oil - production country ranks ]

Oil - consumption:
187,000 bbl/day (2009 est.)
country comparison to the world: 57
[see also: Oil - consumption country ranks ]

Oil - exports:
17,420 bbl/day (2007 est.)
country comparison to the world: 93
[see also: Oil - exports country ranks ]

Oil - imports:
195,800 bbl/day (2007 est.)
country comparison to the world: 46
[see also: Oil - imports country ranks ]

Oil - proved reserves:
100 million bbl (1 January 2010 est.)
country comparison to the world: 70
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
60 million cu m (2008 est.)
country comparison to the world: 81
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
560 million cu m (2008 est.)
country comparison to the world: 94
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
0 cu m (2008 est.)
country comparison to the world: 91
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
500 million cu m (2008 est.)
country comparison to the world: 59
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
1.501 billion cu m (1 January 2010 est.)
country comparison to the world: 96
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$7.922 billion (2010 est.)
country comparison to the world: 174

-$4.958 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$14.49 billion (2010 est.)
country comparison to the world: 76

$13.92 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish

Exports - partners:
Spain 22.02%, France 20.22%, India 4.91%, Italy 4% (2009)

Imports:
$34.19 billion (2010 est.)
country comparison to the world: 54

$30.55 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics

Imports - partners:
France 16.95%, Spain 14.72%, China 7.1%, Italy 6.76%, Germany 6.28%, US 5.66%, Saudi Arabia 5.11% (2009)

Reserves of foreign exchange and gold:
$24.57 billion (31 December 2010 est.)
country comparison to the world: 38

$23.58 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$22.69 billion (31 December 2010 est.)
country comparison to the world: 70

$21.12 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$42.19 billion (31 December 2010 est.)
country comparison to the world: 57

$40.72 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$1.047 billion (31 December 2010 est.)
country comparison to the world: 72

$1.333 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Moroccan dirhams (MAD) per US dollar - 8.3619 (2010), 8.0571 (2009), 7.526 (2008), 8.3563 (2007), 8.7722 (2006)


NOTE: The information regarding Morocco on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Morocco Economy 2011 information contained here. All suggestions for corrections of any errors about Morocco Economy 2011 should be addressed to the CIA.



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