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Morocco Economy 1996

Overview:

Morocco faces the typical problems of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and keeping inflation within bounds. Since the early 1980s the government has pursued an economic program toward these objectives with the support of the IMF, the World Bank, and the Paris Club of creditors. The economy has substantial assets to draw on: the world's largest phosphate reserves, diverse agricultural and fishing resources, a sizable tourist industry, a growing manufacturing sector, and remittances from Moroccans working abroad. A severe drought in 1992-93 depressed economic activity and held down exports. Real GDP contracted by 4.4% in 1992 and 1.1% in 1993. Despite these setbacks, initiatives to relax capital controls, strengthen the banking sector, and privatize state enterprises went forward in 1993-94. Favorable rainfall in 1994 boosted agricultural production by 40%. Servicing the large debt, high unemployment, and vulnerability to external economic forces remain long-term problems for Morocco.

National product:

GDP - purchasing power parity - $87.5 billion (1994 est.)

National product real growth rate:

8% (1994 est.)

National product per capita:

$3,060 (1994 est.)

Inflation rate (consumer prices):

5.4% (1994)

Unemployment rate:

16% (1994 est.)

Budget:

revenues:

$8.1 billion

expenditures:

$8.9 billion (1994 est.)

Exports:

$4.1 billion (f.o.b., 1994 est.)

commodities:

food and beverages 30%, semiprocessed goods 23%, consumer goods 21%, phosphates 17%

partners:

EU 70%, Japan 5%, US 4%, Libya 3%, India 2% (1993)

Imports:

$7.5 billion (c.i.f., 1994 est.)

commodities:

capital goods 24%, semiprocessed goods 22%, raw materials 16%, fuel and lubricants 16%, food and beverages 13%, consumer goods 9%

partners:

EC 59%, US 8%, Saudi Arabia 5%, UAE 3%, Russia 2% (1993)

External debt:

$20.5 billion (1994 est.)

Industrial production:

growth rate 0.1% accounts for 28% of GDP

Electricity:

capacity:

2,620,000 kW

production:

9.9 billion kWh

consumption per capita:

361 kWh (1993)

Industries:

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

Agriculture:

accounts for 15% of GDP, 50% of employment, and 30% of export value; not self-sufficient in food; cereal farming and livestock raising predominate; barley, wheat, citrus fruit, wine, vegetables, olives

Illicit drugs:

illicit producer of hashish; trafficking on the increase for both domestic and international drug markets; shipments of hashish mostly directed to Western Europe; transit point for cocaine from South America destined for Western Europe

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-89), $1.3 billion; US commitments, including Ex-Im (1992), $123.6 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $7.5 billion; OPEC bilateral aid (1979-89), $4.8 billion; Communist countries (1970-89), $2.5 billion

note:

$2.8 billion debt canceled by Saudi Arabia (1991); IMF standby agreement worth $13 million; World Bank, $450 million (1991)

Currency:

1 Moroccan dirham (DH) = 100 centimes

Exchange rates:

Moroccan dirhams (DH) per US$1 - 2.892 (January 1995), 9.203 (1994), 9.299 (1993), 8.538 (1992), 8.707 (1991), 8.242 (1990)

Fiscal year:

calendar year

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