Economic Overview

Trade & Investment

GDP composition and growth (2007)

GDP: $72.76 billion US
GDP (Purchasing Power Parity): $127 billion US
GDP per Capita (PPP): $3,800 US

GDP Growth (in billions of US $):

(*HCP projection)

Growth by main sectors in 2007 compared to 2006:
Agriculture: -21.2%
Manufacturing industry: + 4.5%
Tourism: + 5.8%
Financial services and insurances: +14.9%
Construction: + 9.8%
Telecommunications: + 10.7%
Hotels and restaurants: + 5.3%
Transportation: + 4.8%
Mining (Phosphate exports): +4.6%
Crude oil consumption: + 2.8%
Electricity consumption: + 7%
Unemployment rate: 9.7%
Inflation rate: 2%
Foreign direct investment: 37.4 billions Dirham or more than 4 billion USD (+ 24.6% compared to 2006)

Composition of GDP, by sector

Links: Ministry of Finance

Industry

Tourism: Tourism is one of Morocco's most dynamic sectors of recent years, achieving consistent double digit growth since the goal of 10 million tourists by 2010 was set in 2001. Morocco's tourism sector is not only on track to achieve that goal, but to exceed it.

Links: Ministry of Tourism, Invest in Tourism, Tourism Observatory

Leather goods and textiles: Morocco's competitive edge in this sector is the extraordinary skill of its workforce. Moroccan leather is recognized to be among the best in the world and its prestigious textile heritage is centuries old.

Phosphate rock mining and processing: Morocco has the world's largest known reserves of phosphates. A great portion of the phosphates are used to enrich fertilizer, but Morocco also exports crude phosphates.

Links: Ministry of Mining, Cherifian Office of Phosphates

Petrochemicals: While Morocco is a net importer of crude petroleum, this hasn't prevented it from becoming a continental leader in petrochemicals.

Food processing: Morocco's impressive agricultural sector is supported by a strong food processing industry, which exports Morocco's agricultural products, notably citrus, tomatoe, and sardine based products, around the world.

Electronics: The electronics sector is quickly growing thanks to the free-trade agreement with the European Union as well as the industrial free zone in Tangiers.

Links: Tangiers Free Zone

Aeronautic: A relatively young sector in the country, aeronautics is growing at a fast pace thanks to Morocco's close work with the European Union and its skilled workforce in the domain.

Links: Aeronautique.ma

Automotive: The automotive sector has been around for decades in Morocco but only recently has it truly begun to flourish thanks to the entry of new European car makers looking to outsource production to Morocco, mainly in Casablanca and Tangiers.

Links: New Renault-Nissan auto plant is one of Mediterranean's largest

Construction: The real estate boom of the past two decades has made construction one of the country's most important sectors. Morocco is a net exporter of cement and other construction materials.

Imports and Exports (2007*)

Imports: $22.15 billion f.o.b.
Main Products: Material and industrial equipment, crude oil, gas and fuel, food products, textiles, grains, chemical products, artificial plastic materials, automobioles, iron and steel, electrical appliances, radio and TV receivers, paper and cardboard, coal, electronic parts
Main partners: France 17.5%, Spain 13.9%, Saudi Arabia 6.9%, China 6.9%, Italy 6.3%, Germany 6% (2006)

Exports: $12.73 billion f.o.b.
Main Products: Clothing, phosphate and phosphate-derived products, wire and electric cables, shellfish and molluscs, electronic components, citrus and early fruits and vegetables, metallic ores and metals, canned animal and vegetable products, shoes, sheet metal, lubricants, copper waste and fragments, textiles
Main partners: Spain 20.6%, France 20.5%, UK 4.8%, Italy 4.7%, India 4% (2006)

Links: Ministry of Foreign Trade

Sources: Ministry of Finance, 2008; HCP, 2008