|
Economic policies pursued since 2003 by King Mohammed VI have brought macroeconomic stability to the country with generally low inflation, improved financial sector performance, and steady progress in developing the services and industrial sectors. The National Initiative for Human Development (INDH), a $2 billion initiative launched by the King in 2005, has improved social welfare through a successful rural electrification program, an overhaul of the tourism and agriculture sectors, and the gradual replacement of urban slums with decent housing. Despite the INDH's success, Morocco continues to grapple with a high illiteracy rate, a low education enrollment rate, and a high urban youth unemployment rate of around 30%. Moroccan exports have dropped sharply since mid-2008 as a result of the decline in global phosphates prices--the bulk of Moroccan exports by value--and the global economic slowdown. The recession in Europe--Morocco's main export market--also prompted a decline in the flow of foreign tourists and remittances, two primary sources of foreign currency. A record agricultural harvest, strong government spending, and domestic consumption, however, combined to offset losses from weak exports and helped GDP grow by 5.1% in 2009. Despite structural adjustment programs supported by the IMF, the World Bank, and the Paris Club, the dirham is only fully convertible for selected transactions. 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. Morocco's primary economic challenge is to accelerate and sustain growth in order to reduce high levels of unemployment and underemployment. Long-term challenges include improving education and job prospects for Morocco's youth, closing the income gap between the rich and the poor, confronting corruption, and expanding and diversifying exports beyond phosphates and low-value added products.
|
|
|
$145.6 billion (2009 est.)
country comparison to the world: 58
$138.8 billion (2008 est.)
$131.4 billion (2007 est.)
note:
data are in 2009 US dollars
|
|
|
$90.82 billion (2009 est.)
|
|
|
4.9% (2009 est.)
country comparison to the world: 30
5.6% (2008 est.)
2.7% (2007 est.)
|
|
|
$4,700 (2009 est.)
country comparison to the world: 147
$4,500 (2008 est.)
$4,300 (2007 est.)
note:
data are in 2009 US dollars
|
|
|
agriculture: 19.2%
industry:
31.3%
services:
49.4% (2009 est.)
|
|
|
11.46 million (2009 est.)
country comparison to the world: 43
|
|
|
agriculture: 44.6%
industry:
19.8%
services:
35.5% (2006 est.)
|
|
|
9.1% (2009 est.)
country comparison to the world: 106
9.6% (2008 est.)
|
|
|
15% (2007 est.)
|
|
|
lowest 10%: 2.7%
highest 10%:
33.2% (2007)
|
|
|
40.9 (2005 est.)
country comparison to the world: 58
39.5 (1999 est.)
|
|
|
31.8% of GDP (2009 est.)
country comparison to the world: 18
|
|
|
revenues: $23.65 billion
expenditures:
$25.59 billion (2009 est.)
|
|
|
55.1% of GDP (2009 est.)
country comparison to the world: 41
56% of GDP (2008 est.)
|
|
|
1.2% (2009 est.)
country comparison to the world: 51
3.8% (2008 est.)
|
|
|
3.25% (24 August 2009)
country comparison to the world: 126
3.32% (31 December 2008)
|
|
|
6.5% (31 December 2008)
|
|
|
$69.25 billion (31 December 2008)
country comparison to the world: 22
$67.42 billion (31 December 2007)
|
|
|
$18.98 billion (31 December 2008)
country comparison to the world: 54
$16.23 billion (31 December 2007)
|
|
|
$84.9 billion (31 December 2008)
country comparison to the world: 44
$71.9 billion (31 December 2007)
|
|
|
$64.48 billion (31 December 2009)
country comparison to the world: 47
$65.75 billion (31 December 2008)
$75.49 billion (31 December 2007)
|
|
|
barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine
|
|
|
phosphate rock mining and processing, food processing, leather goods, textiles, construction, energy, tourism
|
|
|
-0.2% (2009 est.)
country comparison to the world: 69
|
|
|
19.78 billion kWh (2008 est.)
country comparison to the world: 71
|
|
|
20.78 billion kWh (2007 est.)
country comparison to the world: 68
|
|
|
0 kWh (2008 est.)
|
|
|
3.429 billion kWh (2009 est.)
|
|
|
4,053 bbl/day (2009 est.)
country comparison to the world: 97
|
|
|
187,000 bbl/day (2009 est.)
country comparison to the world: 57
|
|
|
17,420 bbl/day (2007 est.)
country comparison to the world: 93
|
|
|
195,800 bbl/day (2007 est.)
country comparison to the world: 46
|
|
|
750,000 bbl (1 January 2009 est.)
country comparison to the world: 97
|
|
|
60 million cu m (2008 est.)
country comparison to the world: 81
|
|
|
560 million cu m (2008 est.)
country comparison to the world: 94
|
|
|
0 cu m (2008 est.)
country comparison to the world: 91
|
|
|
500 million cu m (2008 est.)
country comparison to the world: 59
|
|
|
1.501 billion cu m (1 January 2009 est.)
country comparison to the world: 97
|
|
|
-$3.427 billion (2009 est.)
country comparison to the world: 162
-$5.659 billion (2008 est.)
|
|
|
$14.75 billion (2009 est.)
country comparison to the world: 71
$20.33 billion (2008 est.)
|
|
|
clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
|
|
|
Spain 22.02%, France 20.22%, India 4.91%, Italy 4% (2009)
|
|
|
$31.22 billion (2009 est.)
country comparison to the world: 56
$39.83 billion (2008 est.)
|
|
|
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
|
|
|
France 16.95%, Spain 14.72%, China 7.1%, Italy 6.76%, Germany 6.28%, US 5.66%, Saudi Arabia 5.11% (2009)
|
|
|
$23.58 billion (31 December 2009 est.)
country comparison to the world: 51
$22.72 billion (31 December 2008 est.)
|
|
|
$20.06 billion (31 December 2009 est.)
country comparison to the world: 66
$17.13 billion (31 December 2008 est.)
|
|
|
$42.82 billion (31 December 2009 est.)
country comparison to the world: 56
$41.08 billion (31 December 2009 est.)
|
|
|
$696 million (31 December 2009 est.)
country comparison to the world: 74
$1.021 billion (31 December 2008 est.)
|
|
|
Moroccan dirhams (MAD) per US dollar - 8.064 (2009), 7.526 (2008), 8.3563 (2007), 8.7722 (2006), 8.865 (2005)
|
|
|