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Middle East and North Africa
Morocco |
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Last reviewed: 21 May 2008 |
Country information
ECONOMY
Basic Economic Facts
Morocco's economy is mixed. Approximately 45% of the population are employed in agricultural production, which represents 15% of GDP. Recent economic reforms have encouraged the growth of a small, modern manufacturing sector, strongly oriented to the EU market, and have helped the development of tourism. There is a large public sector – public sector wages account for 13% of GDP. Long-term challenges include preparing the economy for freer trade with the US and European Union, improving education and job prospects for Morocco’s youth, and raising living standards.
GDP: US$58 billion (2006 est)
GDP per capita: $4,600 (2006 est)*
GDP Growth: 8.1% (2006 est)
Inflation: 2.3% (September 2007)
Major Industries: Phosphate rock mining and processing, food processing, leather goods, textiles, construction and tourism.
Major trading partners: Spain, France, US and UK
Exchange rate:£1=14.35 dirham (May 2008), $1=7.4 dirham (May 2008)
Source: IMF/World Bank except * CIA World Fact Book
