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Morocco
Morocco country policy
Policy established 20 December 2011
- No Restrictions
- The country ceiling is 1500 mln euro
- Early warning signal 1150 mln euro
- - of which was used as at 2011-12-31 850 mln euro
Country class: 3
Morocco country facts
Atradius Dutch State Business Economic Research
Country Report last updated : 6 January 2012
Country : MOROCCO
Political Situation
Relatively Stable In The Region
Head of state
King Mohammed VI.
Form of government
November elections. The Islamist Justice and Development Party (PJD) won elections and will form a new coalition. This party delivered the new prime minister: Abdelilah Benkirane.
Internal Economic Situation
Slower Economic Growth Expected
General situation
The swings in agriculture output have a major impact on the economy as it employs some 40% of the workforce. But in the last years tourism has become more important for the economy therefore the swings in growth figures have diminished. Economic growth has increased to 4.3% in 2011 from 3.7% in 2010. The crisis in the Eurozone will affect Morocco via exports, remittances and tourism. Expected is a deceleration to 3.2% this year. Inflation is estimated at 1.3% in 2011 and will increase to 1.5% in 2012. Subsidies on food and energy keep prices low. Sustained high growth rates (around 6%) are necessary to realise a substantial reduction in poverty and to lower unemployment. The banking system as a whole is in a relatively solid shape.
External Economic Situation
High Government Domestic Debt
Main sources of foreign exchange
clothing, fish, crude minerals, fertilizers, petroleum products
Main foreign markets
France (34%), Spain (17%), UK (8%), Italy (5%).
Main expenses of foreign exchange
crude petroleum, textile fabric, telecommunications equipment, gas and electricity and wheat.
Balance of payments
As export growth remains behind imports trade deficits remain rather high. Tourism revenues and remittances do not offset the trade deficit as in the past. Remittances are approximately 9% of GDP and 25% of export.