ives
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
6.8% real GDP growth in 1998. Growth is forecast to be about 4.0% in
1999. Formidable long-term challenges include: servicing the
external debt; preparing the economy for freer trade with the EU;
and improving education and attracting foreign investment to improve
living standards and job propects for Morocco's youthful population.

GDP: purchasing power parity--$107 billion (1998 est.)

GDP--real growth rate: 6.8% (1998 est.)

GDP--per capita: purchasing power parity?$3,200 (1998 est.)

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

Population below poverty line: 13.1% (1990-91 est.)

Household income or consumption by percentage share:
lowest 10%: 2.8%
highest 10%: 30.5% (1990-91)

Inflation rate (consumer prices): 2%-3% (1998 est.)

Labor force: 11 million (1997 est.)

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

Unemployment rate: 19% (1998 est.)

Budget:
revenues: $8.4 billion
expenditures: $10 billion, including capital expenditures of $1.8
billion (FY97/98 est.)

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

Industrial production growth rate: 4.1% (1997 est.)

Electricity--production: 11.5 billion kWh (1996)

Electricity--production by source:
fossil fuel: 95.65%
hydro: 4.35%
nuclear: 0%
other: 0% (1996)

Electricity--consumption: 12.52 billion kWh (1996)

Electricity--exports: 0 kWh (1996)

Electricity--imports: 1.02 billion kWh (1996)

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

Exports: $7 billion (f.o.b., 1997)

Exports--commodities: food and beverages 30%, semiprocessed goods
23%, consumer goods 21%, phosphates 17% (1995 est.)

Exports--partners: EU 63%, Japan 7.7%, India 6.6%, US 3.4%, Libya
3.4% (1996 est.)

Imports: $10 billion (c.i.f., 1997)

Imports--commodities: semipro