Economy of Morocco
| Currency | Moroccan dirham (MAD) |
|---|---|
| Calendar year | |
|
Trade organisations
|
WTO, CAEU |
| Statistics | |
| GDP | US$115 billion (nominal, 2016 est.) |
| GDP rank | 61st (nominal) / 58th (PPP) |
|
GDP growth
|
7.8% (2006), 6.5% (2008), 4.2% (2013), |
| 40.9 (2005 est.) | |
|
Labour force
|
12 million (2014 est.) |
|
Labour force by occupation
|
Agriculture: 39.1%, Industry: 20.3%, Services: 40.5% (2014) |
| Unemployment | 9.1% (2014) |
|
Main industries
|
Phosphates, rock mining and processing, food processing, leather goods, textiles, construction, tourism, automobile manufacturing |
| 68th (2017) | |
| External | |
| Exports | US$23 billion (2016) |
|
Export goods
|
clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish, motor vehicles |
|
Main export partners
|
 Spain 22.1% France 19.7% India 4.9% United States 4.3% Italy 4.3% (2015) |
| Imports | US$40.04 billion (2014) |
|
Import goods
|
Crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics. |
|
Main import partners
|
Spain 13.9% France 12.4% China 8.5% United States 6.5% Germany 5.8% Italy 5.5% Russia 4.4% Turkey 4.3% (2015) |
|
FDI stock
|
US$42.19 billion (31 December 2010 est.) |
|
Gross external debt
|
US$22.69 billion (31 December 2010 est.) |
| Public finances | |
| 62.5% of GDP (2013) | |
| Revenues | US$40.47 billion (2014) |
| Expenses | US$44.34 billion (2014) |
| Economic aid | US$1200 million (2013) |
|
|
|
Foreign reserves
|
US$18.30 billion (Jan 2014) |
| Macroeconomic indicators | |
|---|---|
 |
|
| GDP (PPP) | US $148.1 billion (2009 est.) |
| GDP growth | 5.7% (2009 est.) |
| GDP per capita PPP | 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 | 9.1% (2008) |
| HDI |
 0.646 (2007) |
| Labor force | 11.5 million (2008 est.) |
| Pop. in poverty | 15% (2008) |
The economy of Morocco is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, Morocco has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. Morocco has become a major player in the African economic affairs, and is the 5th African economy by GDP (PPP). The World Economic Forum placed Morocco as the 1st most competitive economy in North Africa, in its African Competitiveness Report 2014-2015.
The services sector accounts for just over half of GDP and industry, made up of mining, construction and manufacturing, is an additional quarter. The sectors who recorded the highest growth are the tourism, telecoms and textile sectors. Morocco, however, still depends to an inordinate degree on agriculture. The sector accounts for only around 14% of GDP but employs 40–45% of the Moroccan population. With a semi-arid climate, it is difficult to assure 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 of GDP.
The economic system of the country presents several facets. It is characterized by a large opening towards the outside world. France remains the primary trade partner (supplier and customer) of Morocco. France is also the primary creditor and foreign investor in Morocco. In the Arab world, Morocco has the second-largest non-oil GDP, behind Egypt, as of 2005.
Since the early 1980s, the Moroccan government has pursued an economic program toward accelerating real economy growth with the support of the International Monetary Fund, the World Bank, and the Paris Club of creditors. The country's currency, the dirham, is now fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatized.
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Wikipedia