tandby arrangement for $129 million with the
IMF. In February 1992, the Paris Club rescheduled $1.4 billion of Morocco's
commercial debt. This is thought to be Morocco's last rescheduling. By 1993
the Moroccan authorities hope to be in a position to 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. In 1992 Morocco embarked on a program to
privatize 112 state-owned companies. A severe winter drought in 1991/92 cut
back agricultural output in 1992.
National product:
GDP - exchange rate conversion - $28.1 billion (1992 est.)
National product real growth rate:
0% (1992 est.)
National product per capita:
$1,060 (1992 est.)
Inflation rate (consumer prices):
6% (1992 est.)
Unemployment rate:
19% (1992 est.)
Budget:
revenues $7.5 billion; expenditures $7.7 billion, including capital
expenditures of $1.9 billion (1992)
Exports:
$4.7 billion (f.o.b., 1992 est.)
commodities:
food and beverages 30%, semiprocessed goods 23%, consumer goods 21%,
phosphates 17%
partners:
EC 58%, India 7%, Japan 5%, former USSR 3%, US 2%
Imports:
$7.6 billion (f.o.b., 1992 est.)
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%, former USSR 3%, Japan 2%
External debt:
$20 billion (1991)
Industrial production:
growth rate 8.4%; accounts for 27% of GDP (1990)
Electricity:
2,384,000 kW capacity; 8,864 million kWh produced, 317 kWh per capita (1992)
Industries:
phosphate rock mining and processing, food processing, leather goods,
textiles, construction, tourism

*Morocco, Economy

Agriculture:
accounts for 16% of GDP, 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; fish catch of 491,000
metric tons in 1987
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 and an addit