the government has
pursued an economic program toward these objectives with the support
of the IMF, the World Bank, and the Paris Club of creditors. The
economy has substantial assets to draw on: the world's largest
phosphate reserves, diverse agricultural and fishing resources, a
sizable tourist industry, a growing manufacturing sector, and
remittances from Moroccans working abroad. A severe drought in
1992-93 depressed economic activity and held down exports. Real GDP
contracted by 4.4% in 1992 and 1.1% in 1993. Despite these setbacks,
initiatives to relax capital controls, strengthen the banking
sector, and privatize state enterprises went forward in 1993-94.
Favorable rainfall in 1994 boosted agricultural production by 40%.
In 1995, Morocco suffered from a drought said to be the worst in 30
years. Servicing the large debt, high unemployment, and
vulnerability to external economic forces remain long-term problems
for Morocco.

GDP: purchasing power parity - $87.4 billion (1995 est.)

GDP real growth rate: -6.5% (1995 est.)

GDP per capita: $3,000 (1995 est.)

GDP composition by sector:
agriculture: 14.3%
industry: 32.2%
services: 53.5% (1993 est.)

Inflation rate (consumer prices): 5.4% (1994)

Labor force: 7.4 million
by occupation: agriculture 50%, services 26%, industry 15%, other 9%
(1985)

Unemployment rate: 16% (1994 est.)

Budget:
revenues: $8.1 billion
expenditures: $8.9 billion, including capital expenditures of $NA
(1994 est.)

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

Industrial production growth rate: 0.1%

Electricity:
capacity: 2,620,000 kW
production: 9.9 billion kWh
consumption per capita: 361 kWh (1993)

Agriculture: barley, wheat, citrus, wine, vegetables, olives;
livestock

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; transit point for
cocaine from South America destined for Western Europe

Exports: $4 billion (f.o.b., 1994)
commodities: food and beverages 30%, semiprocessed goods 23%,
consumer goods 21%, phosphates 17%
partners: EC 70%, Japan 5%, US 4%, Libya 3%, India 2% (1993)

Imports: $7.2 billion (c.i.f., 1994)
commodities: capital goods 24%, semiprocessed goods 22%, raw
materials 16%, fuel