economy grows with a fluctuating rate, mainly due to the effect of drought.
During the last 10 years, the economy achieved an average growth rate of 3 %.
Progressively, the financial equilibrium has been restored. From 12 % of GDP
in 1982, budget deficit was reduced to 2.7 % in 2001. Inflation is under control.
Price increase was lowered from 6.1 % in 1995 to less than 3 %. In 2000, price
increase was maintained at 2.5 %.
Morocco is endowed with significant mineral
resources, being the third producer and the first exporter of phosphate in the
world (20 million tons approximately). The territory also conceals layers of
iron and non-ferrous minerals in the mountains, such as lead, manganese, cobalt,
copper, iron and zinc. The mining sector represents 3 % of the GDP and approximately
30 % of exploitation revenues.
The industrial sector is dominated by food
industries, textile and leather. Morocco managed to diversify its activities
by chemistry, electronics, paper, vehicle assembly. Handicraft plays a primary
role, representing nearly 10 % of the GDP and employing 1.5 million people.
Agriculture has been given a priority in
the development policy adopted after independence . The sector has benefited
from massive investments in the construction of dams and the equipment of large
irrigated areas. Agriculture is still the field of approximately 50 % of Moroccan
active population, but its contribution to Gross National Product is diminishing,
representing actually 17 % of GDP.
Imports are almost the double of exports
that take mostly the form of manufactured products, mineral resources and agricultural
products. Imports mainly focus on energy products, equipment and consumer goods.