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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use:
GDP - composition, by sector of origin:
Agriculture - products: Industries: Industrial production growth rate: Labor force: Labor force - by occupation:
Unemployment rate: Population below poverty line: Household income or consumption by percentage share:
Distribution of family income - Gini index: Budget:
Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
$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
[see also: GDP country ranks ]
$104.8 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]
5.1% (2013 est.)
country comparison to the world: 55
2.7% (2012 est.)
5% (2011 est.)
[see also: GDP - real growth rate country ranks ]
$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
[see also: GDP - per capita country ranks ]
25.4% of GDP (2013 est.)
country comparison to the world: 48
25.1% of GDP (2012 est.)
27.6% of GDP (2011 est.)
[see also: Gross national saving country ranks ]
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.)
agriculture:
15.1%
industry:
31.7%
services:
53.2% (2012 est.)
barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine
phosphate mining and processing, food processing, leather goods, textiles, construction, energy, tourism
1.2% (2013 est.)
country comparison to the world: 141
[see also: Industrial production growth rate country ranks ]
11.73 million (2013 est.)
country comparison to the world: 46
[see also: Labor force country ranks ]
agriculture:
44.6%
industry:
19.8%
services:
35.5% (2006 est.)
9.5% (2013 est.)
country comparison to the world: 103
9% (2012 est.)
[see also: Unemployment rate country ranks ]
15% (2007 est.)
[see also: Population below poverty line country ranks ]
lowest 10%:
2.7%
highest 10%:
33.2% (2007)
40.9 (2007 est.)
country comparison to the world: 54
39.5 (1999 est.)
[see also: Distribution of family income - Gini index country ranks ]
revenues:
$26.07 billion
expenditures:
$34.51 billion (2013 est.)
24.9% of GDP (2013 est.)
country comparison to the world: 131
[see also: Taxes and other revenues country ranks ]
-8% of GDP (2013 est.)
country comparison to the world: 195
[see also: Budget surplus (+) or deficit (-) country ranks ]
76.9% of GDP (2013 est.)
country comparison to the world: 31
71.2% of GDP (2012 est.)
[see also: Public debt country ranks ]
calendar year
2.5% (2013 est.)
country comparison to the world: 95
1.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]
6.5% (31 December 2010 est.)
country comparison to the world: 100
3.31% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]
6.3% (31 December 2013 est.)
country comparison to the world: 129
6.3% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]
$75.71 billion (31 December 2013 est.)
country comparison to the world: 41
$71.51 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]
$90.76 billion (31 December 2013 est.)
country comparison to the world: 57
$84.52 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]
$121 billion (31 December 2013 est.)
country comparison to the world: 49
$111.6 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]
$NA (31 December 2012 est.)
country comparison to the world: 45
$60.09 billion (31 December 2011)
$69.15 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]
-$9.595 billion (2013 est.)
country comparison to the world: 176
-$9.843 billion (2012 est.)
[see also: Current account balance country ranks ]
$16.78 billion (2013 est.)
country comparison to the world: 76
$16.99 billion (2012 est.)
[see also: Exports country ranks ]
clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
France 21%, Spain 17.3%, Brazil 5.4%, India 4.9%, US 4.6% (2012)
$38.66 billion (2013 est.)
country comparison to the world: 62
$38.88 billion (2012 est.)
[see also: Imports country ranks ]
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
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)
$19.16 billion (31 December 2013 est.)
country comparison to the world: 61
$17.54 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]
$36.51 billion (31 December 2013 est.)
country comparison to the world: 68
$32.15 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]
$51.82 billion (31 December 2013 est.)
country comparison to the world: 54
$48.18 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]
$1.972 billion (31 December 2013 est.)
country comparison to the world: 71
$2.423 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]
Moroccan dirhams (MAD) per US dollar -
8.439 (2013 est.)
8.6026 (2012 est.)
8.4172 (2010 est.)
8.0571 (2009)
7.526 (2008)