Morocco economy

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Economy^{_________________________}

Overview:

GDP (purchasing power parity): $139.5 billion

budget revenues: $12.94

revenue sectors: agriculture (21.7%); industry (35.7%); services (42.6%)

agricultural products: barley, wheat, citrus, wine, vegetables, olives; livestock

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

natural resources: phosphates, iron ore, manganese, lead, zinc, fish, salt

arable land: 20%

labor force: 11.19 million

labor force by occupation: agriculture 40%, services 45%, industry 15%

export revenue: $9.472 billion f.o.b.

export products: clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables

export partners: France 33.6%, Spain 17.4%, UK 7.7%, Italy 4.7%, US 4.1%

import expenditures: $18.15 billion

import products: crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics

import partners: France 18.2%, Spain 12.1%, Italy 6.6%, Germany 6%, Russia 5.7%, Saudi Arabia 5.4%, China 4.2%, US 4.1%

external debt: $15.6 billion

currency: Moroccan dirham (MAD)

exchange rates: Moroccan dirhams per US dollar - 8.78 (2005), 8.868 (2004), 9.574 (2003), 11.021 (2002), 11.303 (2001)

inflation rate: 2.1%

population below poverty line: 19%

unemployment rate:12.1%

Sources of income:

The mining of phosphates is the largest source of income in Morocco , followed by nationals living abroad who transfer money to relatives living in Morocco , and tourism.

Morocco is also one of the world’s largest producers and exporters of cannabis. Its cultivation and sale accounts for $37.3 billion, 0.57 per cent of Morocco ’s Gross Domestic Product (GDP), and provides an economic base for much of northern Morocco .

Trade agreements:

In an attempt to boost foreign investment, Morocco has signed Free Trade Agreements with the European Union (to take effect in 2010) and the United States.