Economy - overview:

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 pursued 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 generally declining government debt. 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. In 2006 Morocco entered into a bilateral Free Trade Agreement with the United States; it remains the only African country to have one. In 2008 Morocco entered into an Advanced Status agreement with the European Union. Despite Morocco's economic progress, the country suffers from high unemployment and poverty. In 2011, high food and fuel prices strained the government's budget and widened the country's current account deficit. Key economic challenges for Morocco include fighting corruption, reducing government spending, reforming the education system and judiciary, addressing socioeconomic disparities, and building more diverse, higher value-added industries.
GDP (purchasing power parity):

$163.5 billion (2011 est.)
country comparison to the world: 59
$155.9 billion (2010 est.)
$150.4 billion (2009 est.)
note: data are in 2011 US dollars
GDP (official exchange rate):

$97.69 billion (2011 est.)
GDP - real growth rate:

4.9% (2011 est.)
country comparison to the world: 76
3.7% (2010 est.)
4.9% (2009 est.)
GDP - per capita (PPP):

$5,100 (2011 est.)
country comparison to the world: 150
$4,900 (2010 est.)
$4,800 (2009 est.)
note: data are in 2011 US dollars
GDP - composition by sector:

agriculture: 16.5%
industry: 32.2%
services: 51.4% (2011 est.)
Labor force:

11.54 million (2011 est.)
country comparison to the world: 46
Labor force - by occupation:

agriculture: 44.6%
industry: 19.8%
services: 35.5% (2006 est.)
Unemployment rate:

8.9% (2011 est.)
country comparison to the world: 102
9.1% (2010 est.)
Population below poverty line:

15% (2007 est.)
Household income or consumption by percentage share:

lowest 10%: 2.7%
highest 10%: 33.2% (2007)
Distribution of family income - Gini index:

40.9 (2007 est.)
country comparison to the world: 55
39.5 (1999 est.)
Investment (gross fixed):

30.6% of GDP (2011 est.)
country comparison to the world: 16
Budget:

revenues: $25.61 billion
expenditures: $31.54 billion (2011 est.)
Taxes and other revenues:

26.2% of GDP (2011 est.)
country comparison to the world: 119
Budget surplus (+) or deficit (-):

-6.1% of GDP (2011 est.)
country comparison to the world: 175
Public debt:

64.7% of GDP (2011 est.)
country comparison to the world: 41
61% of GDP (2010 est.)
Inflation rate (consumer prices):

0.9% (2011 est.)
country comparison to the world: 12
1% (2010 est.)
Central bank discount rate:

6.5% (31 December 2010 est.)
country comparison to the world: 98
3.31% (31 December 2009 est.)
Commercial bank prime lending rate:

6.5% (31 December 2011 est.)
country comparison to the world: 137
6.3% (31 December 2010 est.)
Stock of narrow money:

$68.41 billion (31 December 2011 est.)
country comparison to the world: 42
$65.75 billion (31 December 2010 est.)
Stock of broad money:

$107.2 billion (31 December 2011 est.)
country comparison to the world: 53
$102.4 billion (31 December 2010 est.)
Stock of domestic credit:

$104.9 billion (31 December 2011 est.)
country comparison to the world: 51
$96.22 billion (31 December 2010 est.)
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)
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
Current account balance:

-$8.337 billion (2011 est.)
country comparison to the world: 176
-$4.209 billion (2010 est.)
Exports:

$21.51 billion (2011 est.)
country comparison to the world: 72
$17.58 billion (2010 est.)
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:

$40.96 billion (2011 est.)
country comparison to the world: 59
$32.65 billion (2010 est.)
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:

$20.64 billion (2011 est.)
country comparison to the world: 57
$23.61 billion (2010 est.)
Debt - external:

$28.08 billion (31 December 2011 est.)
country comparison to the world: 72
$26.56 billion (31 December 2010 est.)
Stock of direct foreign investment - at home:

$47.78 billion (31 December 2011 est.)
country comparison to the world: 56
$45.26 billion (31 December 2010 est.)
Stock of direct foreign investment - abroad:

$1.603 billion (31 December 2011 est.)
country comparison to the world: 71
$1.851 billion (31 December 2010 est.)
Exchange rates:

Moroccan dirhams (MAD) per US dollar -
8.0899 (2011 est.)
8.4172 (2010 est.)
8.0571 (2009)
7.526 (2008)
8.3563 (2007)
Fiscal year:

calendar year
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