Capital City: Rabat
	It is %T:%M %A in Rabat

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Economic trends

Moroccan economy has been characterized by a macroeconomic stability for past several years; coupled with low inflation and relatively slow economic growth. The government continues to pursue economic reforms and liberalization aimed at stimulating growth and creating jobs. The GDP growth rate faces some difficulties to stabilize (8,0% in 2006, 2,5% in 2007, 5,9% forecasted for 2008). Consequently, this growth remains insufficient to curb poverty and unemployment (11% in 2005). The country’s economic performance remains largely dependent on the agriculture sector, which is extremely vulnerable to inconsistent rainfall.

Main branches of industry

The agricultural sector is predominant in Morocco: almost half of the active population is employed in this sector which contributes around 13% to the GDP. Cereals, fruits and vegetables are the main crops. Economic growth has been hampered by an over-reliance on the agriculture sector. Morocco has little mineral resources; phosphates being its main wealth. The industry contributes one-third to the GDP, thanks particularly to sectors like textiles, leather goods, food processing, oil refining, and electronic assembling. The service sector (contributes 55% to GDP) is driven by tourism which is very dynamic, despite an economic slowdown since 11th September 2001 and Casablanca attacks in May 2003. Morocco has recently liberalized rules for oil and gas exploration, besides granting concessions for many public services in major cities.

International trade

Morocco has signed a free trade agreement (FTA) with the USA in 2005. An agreement of association was also signed with EU in 2004 which will be further converted into to FTA by 2012. The government has also set up sixteen Regional Investment Centres (RDI) in the country with the aim of facilitating foreign investments. The top three export partners of Morocco are: France, Spain and United Kingdom. The commodities mainly exported are apparel & clothing, electric machinery, inorganic chemicals, fish & other sea products. The top three import partners are: France, Spain and Saudi Arabia. Morocco mainly imports mineral fuels & oils, machinery, electric & electronic equipment, vehicles, and iron & steel.