conomy-overview: Morocco faces the problems typical of developing
countries-restraining government spending, reducing constraints on
private activity and foreign trade, and keeping inflation within
manageable bounds. Since the early 1980s 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 dirham is now
fully convertible for current account transactions; reforms of the
financial sector have been implemented; and state enterprises are
slowly being privatized. Drought conditions in 1997 depressed activity
in the key agricultural sector, holding down exports and contributing
to a 2.2% contraction in real GDP. Favorable rainfalls in the fall of
1997 have led to forecasts of robust, 8%-9% real GDP growth in 1998.
Servicing the external debt, preparing the economy for freer trade
with the European Union, improving education and living standards, and
finding jobs for Morocco's youthful population remain long-term
challenges.

GDP: purchasing power parity-$107 billion (1997 est.)

GDP-real growth rate: -2.2% (1997 est.)

GDP-per capita: purchasing power parity-$3,500 (1997 est.)

GDP-composition by sector:
agriculture: 14%
industry: 33%
services: 53% (1997)

Inflation rate-consumer price index: 3% (1997 est.)

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

Unemployment rate: 16% (1997 est.)

Budget:
revenues: $10.4 billion
expenditures: $10.75 billion, including capital expenditures of $1.9
billion (1996 est.)

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

Industrial production growth rate: 4.5% (1996 est.)

Electricity-capacity: 3.788 million kW (1995)

Electricity-production: 10.8 billion kWh (1995)

Electricity-consumption per capita: 411 kWh (1995)

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

Exports:
total value: $6.9 billion (f.o.b., 1996)
commodities: food and beverages 30%, semiprocessed goods 23%, consumer
goods 21%, phosphates 17% (1995 est.)
partners: EU 63%, Japan 7.7%, India 6.6%, US 3.4%, Libya 3.4% (1996
est.)

Imports:
total value: $9.7 billion (c.i.f., 1996)
commodities: semiprocessed goods 26%, capital goods 25%, food and
beverages 18%, fuel and lubricants 15%, consumer goods 12%, raw
materials 4% (1995 est.)
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