Overview: GDP (purchasing power parity): $139.5 billion budget revenues: $12.94 revenue sectors: agriculture (21.7%); industry (35.7%); services (42.6%) agricultural products: barley, wheat, citrus, wine, vegetables, olives; livestock industries: phosphate rock mining and processing, food processing, leather goods, textiles, construction, tourism natural resources: phosphates, iron ore, manganese, lead, zinc, fish, salt arable land: 20% labor force: 11.19 million labor force by occupation: agriculture 40%, services 45%, industry 15% export revenue: $9.472 billion f.o.b. export products: clothing, fish, inorganic chemicals, transistors, crude minerals, fertilizers (including phosphates), petroleum products, fruits, vegetables export partners: France 33.6%, Spain 17.4%, UK 7.7%, Italy 4.7%, US 4.1% import expenditures: $18.15 billion import products: crude petroleum, textile fabric, telecommunications equipment, wheat, gas and electricity, transistors, plastics import partners: France 18.2%, Spain 12.1%, Italy 6.6%, Germany 6%, Russia 5.7%, Saudi Arabia 5.4%, China 4.2%, US 4.1% external debt: $15.6 billion currency: Moroccan dirham (MAD) exchange rates: Moroccan dirhams per US dollar - 8.78 (2005), 8.868 (2004), 9.574 (2003), 11.021 (2002), 11.303 (2001) inflation rate: 2.1% population below poverty line: 19% unemployment rate:12.1% Sources of income: The mining of phosphates is the largest source of income in Morocco , followed by nationals living abroad who transfer money to relatives living in Morocco , and tourism. Morocco is also one of the world’s largest producers and exporters of cannabis. Its cultivation and sale accounts for $37.3 billion, 0.57 per cent of Morocco ’s Gross Domestic Product (GDP), and provides an economic base for much of northern Morocco . Trade agreements: In an attempt to boost foreign investment, Morocco has signed Free Trade Agreements with the European Union (to take effect in 2010) and the United States. Challenges: - reducing constraints on private activity and foreign trade
- preparing economy for freer trade with the US and European Union
- achieving sustainable growth
- raising living standards
- improving education and job prospects
- reducing the utilization of child labor
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