Economy : Morocco

Economy - overview:

Morocco has capitalized on its proximity to Europe and relatively low labor costs to build a diverse, open, market-oriented economy. In the 1980s Morocco was a heavily indebted country before pursuing austerity measures and pro-market reforms, overseen by the IMF. Since taking the throne in 1999, King MOHAMMED VI has presided over a stable economy marked by steady growth, low inflation, and gradually falling unemployment, although a poor harvest and economic difficulties in Europe contributed to an economic slowdown in 2012. Industrial development strategies and infrastructure improvements - most visibly illustrated by a new port and free trade zone near Tangier - are improving Morocco's competitiveness. Morocco also seeks to expand its renewable energy capacity with a goal of making renewable 40% of electricity output by 2020. Key sectors of the economy include agriculture, tourism, phosphates, textiles, apparel, and subcomponents. To boost exports, Morocco entered into a bilateral Free Trade Agreement with the United States in 2006 and an Advanced Status agreement with the European Union in 2008. Despite Morocco's economic progress, the country suffers from high unemployment, poverty, and illiteracy, particularly in rural areas. In 2011 and 2012, high prices on fuel - which is subsidized and almost entirely imported - strained the government's budget and widened the country's current account deficit. In the fall of 2013, Morocco capped some of its fuel subsidies in an effort to gradually reduce the country's large budgetary deficit. Key economic challenges for Morocco include fighting corruption and reforming the education system, the judiciary, and the government's costly subsidy program.
GDP (purchasing power parity):

$ 180 billion (2013 est.)
country comparison to the world: 60
$ 171.2 billion (2012 est.)
$ 166.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP (official exchange rate):

$ 104.8 billion (2013 est.)
GDP - real growth rate:

5.1% (2013 est.)
country comparison to the world: 55
2.7% (2012 est.)
5% (2011 est.)
GDP - per capita (PPP):

$ 5,500 (2013 est.)
country comparison to the world: 156
$ 5,300 (2012 est.)
$ 5,200 (2011 est.)
note: data are in 2013 US dollars
Gross national saving:

25.4% of GDP (2013 est.)
country comparison to the world: 48
25.1% of GDP (2012 est.)
27.6% of GDP (2011 est.)
GDP - composition, by end use:

household consumption: 59.5%
government consumption: 19.1%
investment in fixed capital: 30.8%
investment in inventories: 3.7%
exports of goods and services: 35.4%
imports of goods and services: -48.5%
(2013 est.)
GDP - composition, by sector of origin:

agriculture: 15.1%
industry: 31.7%
services: 53.2% (2012 est.)
Agriculture - products:

barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine
Industries:

phosphate mining and processing, food processing, leather goods, textiles, construction, energy, tourism
Industrial production growth rate:

1.2% (2013 est.)
country comparison to the world: 141
Labor force:

11.73 million (2013 est.)
country comparison to the world: 46
Labor force - by occupation:

agriculture: 44.6%
industry: 19.8%
services: 35.5% (2006 est.)
Unemployment rate:

9.5% (2013 est.)
country comparison to the world: 103
9% (2012 est.)
Population below poverty line:

15% (2007 est.)
Household income or consumption by percentage share:

lowest 10%: 2.7%
highest 10%: 33.2% (2007)
Distribution of family income - Gini index:

40.9 (2007 est.)
country comparison to the world: 54
39.5 (1999 est.)
Budget:

revenues: $ 26.07 billion
expenditures: $ 34.51 billion (2013 est.)
Taxes and other revenues:

24.9% of GDP (2013 est.)
country comparison to the world: 131
Budget surplus (+) or deficit (-):

-8% Of GDP (2013 est.)
country comparison to the world: 195
Public debt:

76.9% of GDP (2013 est.)
country comparison to the world: 31
71.2% of GDP (2012 est.)
Fiscal year:

calendar year
Inflation rate (consumer prices):

2.5% (2013 est.)
country comparison to the world: 95
1.2% (2012 est.)
Central bank discount rate:

6.5% (31 December 2010 est.)
country comparison to the world: 100
3.31% (31 December 2009 est.)
Commercial bank prime lending rate:

6.3% (31 December 2013 est.)
country comparison to the world: 129
6.3% (31 December 2012 est.)
Stock of narrow money:

$ 75.71 billion (31 December 2013 est.)
country comparison to the world: 41
$ 71.51 billion (31 December 2012 est.)
Stock of broad money:

$ 90.76 billion (31 December 2013 est.)
country comparison to the world: 57
$ 84.52 billion (31 December 2012 est.)
Stock of domestic credit:

$ 121 billion (31 December 2013 est.)
country comparison to the world: 49
$ 111.6 billion (31 December 2012 est.)
Market value of publicly traded shares:

$ NA (31 December 2012 est.)
country comparison to the world: 45
$ 60.09 billion (31 December 2011)
$ 69.15 billion (31 December 2010 est.)
Current account balance:

- $ 9.595 billion (2013 est.)
country comparison to the world: 176
- $ 9.843 billion (2012 est.)
Exports:

$ 16.78 billion (2013 est.)
country comparison to the world: 76
$ 16.99 billion (2012 est.)
Exports - commodities:

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

France 21%, Spain 17.3%, Brazil 5.4%, India 4.9%, US 4.6% (2012)
Imports:

$ 38.66 billion (2013 est.)
country comparison to the world: 62
$ 38.88 billion (2012 est.)
Imports - commodities:

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

Spain 13.1%, France 12.1%, China 6.9%, US 6.8%, Saudi Arabia 6.2%, Italy 5.1%, Russia 5%, Germany 4.9% (2012)
Reserves of foreign exchange and gold:

$ 19.16 billion (31 December 2013 est.)
country comparison to the world: 61
$ 17.54 billion (31 December 2012 est.)
Debt - external:

$ 36.51 billion (31 December 2013 est.)
country comparison to the world: 68
$ 32.15 billion (31 December 2012 est.)
Stock of direct foreign investment - at home:

$ 51.82 billion (31 December 2013 est.)
country comparison to the world: 54
$ 48.18 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad:

$ 1.972 billion (31 December 2013 est.)
country comparison to the world: 71
$ 2.423 billion (31 December 2012 est.)
Exchange rates:

Moroccan dirhams (MAD) per US dollar -
8.439 (2013 est.)
8.6026 (2012 est.)
8.4172 (2010 est.)
8.0571 (2009)
7.526 (2008)