Morocco/Economy

Economy - overview: Morocco faces the problems typical of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and achieving sustainable economic growth. Since the early 1980s the government has pursued an economic program toward these objectives with the support of the International Monetary Fund, the World Bank, and the [Paris Club]? of creditors. The dirham is now fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are being privatized. Drought conditions depressed activity in the key agricultural sector, and contributed to an economic slowdown in 1999. Favorable rainfalls have led Morocco to predict a growth of 6% for 2000. Formidable long-term challenges include: servicing the external debt; preparing the economy for freer trade with the EU; and improving education and attracting foreign investment to improve living standards and job prospects for Morocco's youthful population.

GDP: purchasing power parity - $108 billion (1999 est.)

GDP - real growth rate: 0% (1999 est.)

GDP - per capita: purchasing power parity - $3,600 (1999 est.)

GDP - composition by sector:
agriculture: 16%
industry: 30%
services: 54% (1998 est.)

Population below poverty line: 13.1% (1990-91 est.)

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 30.5% (1990-91)

Inflation rate (consumer prices): 1.9% (1999 est.)

Labor force: 11 million (1997 est.)

Labor force - by occupation: agriculture 50%, services 35%, industry 15% (1999 est.)

Unemployment rate: 19% (1998 est.)

Budget:
revenues: $9.1 billion
expenditures: $10 billion, including capital expenditures of $1.7 billion (FY98/99 est.)

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

Industrial production growth rate: 2% (1998 est.)

Electricity - production: 13.16 billion kWh (1998)

Electricity - production by source:
fossil fuel: 83.59%
hydro: 16.41%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 12.363 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 124 million kWh (1998)

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

Exports: $7.1 billion (f.o.b., 1998)

Exports - commodities: phosphates and fertilizers, food and beverages, minerals (1998)

Exports - partners: France 27%, Spain 11%, India 7%, Japan 6%, Italy 5% (1998)

Imports: $9.5 billion (f.o.b., 1998)

Imports - commodities: semiprocessed goods, machinery and equipment, food and beverages, consumer goods, fuel (1998)

Imports - partners: France 22%, Spain 10%, US 7%, Germany 6%, Italy 6% (1998)

Debt - external: $19.1 billion (1999 est.)

Economic aid - recipient: $565.6 million (1995)

Currency: 1 Moroccan dirham (DH) = 100 centimes

Exchange rates: Moroccan dirhams (DH) per US$1 - 10.051 (January 2000), 9.804 (1999), 9.604 (1998), 9.527 (1997), 8.716 (1996), 8.540 (1995)

Fiscal year: July 1 - June 30