Morocco

Morocco

Ayan Acharya
Ayan Acharya

Country Expert
   

Morocco Statistics

The Economy of Morocco is considered a relatively liberal economy governed by the law of supply and demand. Morocco has become a major player in African economic affairs, and is the 5th largest African economy by GDP (PPP).
The Economic system of the country is characterized by a large opening towards the outside world. In the Arab world, Morocco has the second-largest non-oil GDP. Industrial development strategies and infrastructure improvements – most visibly illustrated by a new port and free trade zone near Tangier – are improving Morocco’s competitiveness.
$ 1 Crores
GDP in USD trillion
1 Crores
Population (2019)
1
Area ( km. sq. )
Import Of Morocco

In 2018 Morocco imported a total of $48.3B, making it the number 54th trade destination in the world.
Main Import Countries

Export Of Morocco

In 2018 Morocco exported a total of $33.7B, making it the number 64th exporter in the world.
Main Export Countries

Major Sectors

Agriculture Fishing Textile Tourism Mining Construction

Morocco is considered to have great agricultural potential because it has vast amounts of arable land, nearly 33,000 square miles, and a temperate Mediterranean climate. Due to the favourable agricultural conditions in Morocco, experts believe that Morocco can grow enough food to feed its population. Data from the government of Morocco indicates that nearly 40% of the country's labour force works in the agriculture industry. Some of the most vital crops in Morocco are wheat, olives, and tomatoes. Most of Morocco's crops are grown under irrigation although the north-western region of the country receives sufficient rainfall to support agriculture. Some of the crops grown in the north-western area include cereals such as wheat and barley. Moroccan farmers also grow vast quantities of citrus fruits, olives, and grapes under irrigation. One of Morocco's most controversial agricultural products is hashish which is mainly exported to nations in Europe. The government of Morocco attempted to weed out the drug business, but research indicates that the industry continued to flourish. The World Customs Organization suggested that nearly 70% of the hashish consumed in Europe comes from Morocco. Moroccans also keep large numbers of livestock such as sheep and cattle. The livestock industry in Morocco provides the nation with enough meat to feed the residents. The Moroccan government has introduced policies to improve the nation's dairy sector and make the nation self-sufficient. One of the significant challenges that face Morocco's agriculture is drought which has reduced the amount of water available to plants and animals.

Fishing is one of Morocco's most essential industries as it earns the nation substantial foreign exchange. The fishing industry is also vital to Morocco's economy as it employs nearly 400,000 people. Data indicates that approximately 1,084,638 MT of fish were caught in Morocco in 2001 which earned it the distinction of being Africa's largest fish market. Most of the fishing in Morocco is done on a large scale since small-scale fishing is not well developed. Most of Morocco's marine resources are located on the western coast in the Atlantic Ocean where the Canary Current flows. Some of the common fish caught in the region include sardines, tuna, and bonito. Morocco is unable to fully utilize its marine resources due to the insufficient amount of modern equipment such as ships and processing facilities. In 2009, the Moroccan government unveiled plans to improve the fishing industry in the country to increase its contribution to the economy. One of the most significant challenges facing the industry is territorial disputes with the European nation of Spain over the extent of Morocco's territorial waters. The dispute began in 1973, and by 2012 it had yet to be resolved. Spanish ships can fish in Morocco's waters due to an agreement signed by the European Union and the Moroccan government.

Morocco's textile industry is one of the nation's most important industries as it earns the government foreign exchange as well as employing a significant number of Moroccans. Morocco's textile industry was once limited to exporting raw materials such as cotton and yarn, but the government introduced some incentives to improve the industry. According to the Moroccan Association of Textile and Clothing Industry, in 2017 Moroccan textile exports were worth $7.3 billion which was an increase of nearly 3.8% from the figures recorded in 2016. Some of the countries that consume a vast amount of Moroccan textiles are France and Spain. One of the major challenges facing the Moroccan textile industry is competition from other nations such as China and Turkey.

Morocco's tourism industry is one of the drivers of economic growth in the country. The Ministry of Tourism in Morocco was set up in 1985 to oversee tourism activities in the country and to come up with policies to improve the sector. Tourists in Morocco mainly visit the country to experience the nation's unique culture and history. In 2017, Morocco was considered Africa's premier tourist destination because it attracted more than 10,300,000 visitors. One of Morocco's premier tourist destinations is Marrakech which attracted more than 2,000,000 visitors in 2017. Several cities in Morocco such as Casablanca, Fez, and Rabat also attract large numbers of tourists. Fez is a popular tourist destination since it is the location of the most ancient university in the world, Al Qarawyien. Some areas in Morocco such as the Medina of Fez and the historic city of Meknes have been classified as UNESCO World Heritage Sites due to their historical significance. Most of the tourists who visit Morocco are from European nations such as Spain and France.

The Mining Sector is one of the pillars of Morocco's economy. It represented a turnover of USD 2.7 billion in 2005, including MAD 2.17 billion in exports and 20% of energy consumption. It also employs about 39,000 people with an estimated MAD 571 million in salaries (2005). Morocco produces a number of minerals and metals, most importantly, phosphates, silver and lead.
Morocco possesses 75 percent of the world's phosphate reserves. It is the world's first exporter (28% of the global market) and third producer (20% of global production). In 2005, Morocco produced 27.254 million tons of phosphates and 5.895 million tons of phosphate derivatives.

The Construction and real estate sectors are also a part of the investment boom in the country. Increasing public investment in ports, housing development projects, and roads as well as the boom in the tourism sector have been a big shot in the arm for the construction sector. The rise in construction activities and efforts to improve infrastructure are creating many opportunities for public-private partnerships. The real estate sector has also been seeing record investments. In fact, Morocco is being touted as the most popular retirement destination among Europeans because it is inexpensive compared to other European tourist destinations. Most of the demand in Morocco is for moderate housing, and a decrease in lending rates has made home-ownership easier.

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Latest News

Trade Fair Exhibition

construction sector
MATTER

Date : 07-09 Sept 2020.
Place : Marrakesh, Morocco.

aapex
CTW Morocco

Date : 25-09 Sept 2020.
Place : Casablanca, Morocco.

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