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Morocco: Economy
INTRODUCTION
1. Political situation
2. Defence
3. Economy
4. Health & Education
5. Religions & Peoples
6. History
GDP: $37 billion
GDP/capita: $1,560
GDP/sector: Agriculture 15%, Industry 33%, Services 52% (2000 estimate)
Annual growth in GDP: 3.8%
Foreign debts: $20.5 billion
Foreign debts: $19 billion
Foreign debts/GDP: 50%
Foreign debts/capita: $590
Trade balance: -34%
Export products: Phosphates and fertilizers, food and beverages, minerals.
Annual inflation rate: 1%
Official unemployment: 23%
Population below poverty line: 19% (1999 estimate)
All figures are 2002 estimates.
1997:
US$1=9.50 Moroccan dirhams
1998:
US$1=9.60 Moroccan dirhams
1999:
US$1=9.80 Moroccan dirhams
2000:
US$1=10.60 Moroccan dirhams
2001:
US$1=11.30 Moroccan dirhams
2002:
US$1=11.60 Moroccan dirhams
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Moroccan citizens have in general low spending power, there is a substantial upper class, but the fastest growing group in the society is the middle class. In general, Morocco has low prices except from imported goods, cheap labour, an excellent infrastructure, while there is medium efficiency in bureaucracy.
Morocco's economy is fast growing, due to several factors. Foreign investments, as labour-intensive products here can be made far cheaper in any other place close to Western Europe. Morocco has a skilled labour force, and more and more people with high education, since Moroccan schools and universities are of good quality. Moroccans are highly skilled in languages, and most young Moroccans know 2 or 3 languages.
Moroccan economy is still weak in figures like GNP/capita, but the brutal differences between haves and have-nots make this figure very misleading. Many are very, very poor, but things are not getting worse for the poor, and indications are that the development will make their lives easier and better too.
© Copyright 1996-2008 LookLex Ltd. All rights reserved
By: Tore Kjeilen
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