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%. Servicing the large debt, high unemployment, and vulnerability to
external economic forces remain long-term problems for Morocco.

National product: GDP - purchasing power parity - $87.5 billion (1994
est.)

National product real growth rate: 8% (1994 est.)

National product per capita: $3,060 (1994 est.)

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

Unemployment rate: 16% (1994 est.)

Budget:
revenues: $8.1 billion
expenditures: $8.9 billion (1994 est.)

Exports: $4.1 billion (f.o.b., 1994 est.)
commodities: food and beverages 30%, semiprocessed goods 23%, consumer
goods 21%, phosphates 17%
partners: EU 70%, Japan 5%, US 4%, Libya 3%, India 2% (1993)

Imports: $7.5 billion (c.i.f., 1994 est.)
commodities: capital goods 24%, semiprocessed goods 22%, raw materials
16%, fuel and lubricants 16%, food and beverages 13%, consumer goods
9%
partners: EC 59%, US 8%, Saudi Arabia 5%, UAE 3%, Russia 2% (1993)

External debt: $20.5 billion (1994 est.)

Industrial production: growth rate 0.1% accounts for 28% of GDP

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

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

Agriculture: accounts for 15% 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

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

Economic aid:
recipient: US commitment