Page last updated on February 5, 2013
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 countries 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. 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. Key economic challenges for Morocco include fighting corruption and reforming the the education system, the judiciary, and the government's costly subsidy program.
GDP (purchasing power parity):
$171 billion (2012 est.)
country comparison to the world: 59
$166.2 billion (2011 est.)
$158.5 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$97.17 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
2.9% (2012 est.)
country comparison to the world: 114
4.9% (2011 est.)
3.7% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$5,300 (2012 est.)
country comparison to the world: 151
$5,200 (2011 est.)
$5,000 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 14.7%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
32.8%
services:
52.6% (2012 est.)
Labor force:
11.78 million (2012 est.)
country comparison to the world: 46
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 44.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
19.8%
services:
35.5% (2006 est.)
Unemployment rate:
8.8% (2012 est.)
country comparison to the world: 102
8.9% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
15% (2007 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 2.7%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
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.)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
31.2% of GDP (2012 est.)
country comparison to the world: 16
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $25.16 billion
[see also: Budget revenues country ranks ]
expenditures:
$32.3 billion (2012 est.)
Taxes and other revenues:
25.9% of GDP (2012 est.)
country comparison to the world: 119
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-7.3% of GDP (2012 est.)
country comparison to the world: 185
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
71.7% of GDP (2012 est.)
country comparison to the world: 37
64.7% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
1.4% (2012 est.)
country comparison to the world: 18
0.9% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
6.5% (31 December 2010 est.)
country comparison to the world: 99
3.31% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
6.5% (31 December 2012 est.)
country comparison to the world: 137
6.5% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$70.35 billion (31 December 2012 est.)
country comparison to the world: 42
$68.41 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$107.2 billion (31 December 2011 est.)
country comparison to the world: 54
$102.4 billion (31 December 2010 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$104.9 billion (31 December 2012 est.)
country comparison to the world: 52
$104.9 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$60.09 billion (31 December 2011)
country comparison to the world: 49
$69.15 billion (31 December 2010)
$62.91 billion (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
Agriculture - products:
barley, wheat, citrus fruits, grapes, vegetables, olives; livestock; wine
Industries:
phosphate rock mining and processing, food processing, leather goods, textiles, construction, energy, tourism
Industrial production growth rate:
4.4% (2010 est.)
country comparison to the world: 75
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$8.508 billion (2012 est.)
country comparison to the world: 174
-$8.337 billion (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$22.23 billion (2012 est.)
country comparison to the world: 73
$21.51 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
clothing and textiles, electric components, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, citrus fruits, vegetables, fish
Exports - partners:
France 19.7%, Spain 18.2%, India 6.2%, Brazil 5%, US 4.6% (2011)
Imports:
$42.49 billion (2012 est.)
country comparison to the world: 59
$40.96 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics
Imports - partners:
France 13.6%, Spain 11.2%, US 8.6%, Saudi Arabia 6.8%, China 6.5%, Italy 5.1%, Russia 4.7%, Germany 4.4% (2011)
Reserves of foreign exchange and gold:
$17.75 billion (31 December 2012 est.)
country comparison to the world: 61
