o meet all debt service obligations
without additional rescheduling. Servicing this large debt, high
unemployment, and Morocco's vulnerability to external economic forces remain
severe long-term problems.
GDP:
exchange rate conversion - $27.3 billion, per capita $1,060; real growth
rate 4.2% (1991)
Inflation rate (consumer prices):
8.1% (1991 )
Unemployment rate:
16% (1991)
Budget:
revenues $7.5 billion; expenditures $7.7 billion, including capital
expenditures of $1.9 billion (1992)
Exports:
$4.1 billion (f.o.b., 1991)
commodities:
food and beverages 30%, semiprocessed goods 23%, consumer goods 21%,
phosphates 17%
partners:
EC 58%, India 7%, Japan 5%, USSR 3%, US 2%
Imports:
$6.0 billion (f.o.b., 1991)
commodities:
capital goods 24%, semiprocessed goods 22%, raw materials 16%, fuel and
lubricants 16%, food and beverages 13%, consumer goods 9%
partners:
EC 53%, US 11%, Canada 4%, Iraq 3%, USSR 3%, Japan 2%
External debt:
$20 billion (1991)
Industrial production:
growth rate 4% (1989 est.); accounts for an estimated 20% of GDP
Electricity:
2,270,000 kW capacity; 8,170 million kWh produced, 310 kWh per capita (1991)
Industries:
phosphate rock mining and processing, food processing, leather goods,
textiles, construction, tourism
Agriculture:
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; fishing catch of 491,000 metric tons in
1987

:Morocco Economy

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; occasional transit point for cocaine from South America
destined for Western Europe.
Economic aid:
US commitments, including Ex-Im (FY70-89), $1.3 billion; 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; $2.8 billion debt canceled by Saudi Arabia (1991); IMF standby
agreement worth $13 million; World Bank, $450 million (1991)
Currency:
Moroccan dirham (plural - dirhams); 1 Moroccan dirham (DH) = 100 centimes
Exchange rates:
Moroccan dirhams (DH) per US$1 - 8.889 (March 1992)