ECONOMY of MOROCCO
Morocco's economy has become more diversified under the 1983 structural adjustment program which reoriented the Moroccan economy toward the private sector and created a more favorable climate for foreign investment.
The Dirham (DH) is the unit of currency. The Central Bank (Banque du Maroc) adjusts, on a daily basis, the rate of exchange of the dirham with respect to a "basket" of 20 foreign currencies.
Mainly canned food and textile industries but also metallurgy, wood, chemicals and vehicle assembly.
Major efforts are being made to develop the production of energy in order to achieve self-sufficiency. Morocco is exploring the development of new sources of energy such as uranium and solar energy. The gas pipeline planned to link Algeria with Spain via Morocco will also be an important energy source.
Phosphates are considered to be Morocco's greatest natural resource (Morocco is the third largest producer and the world's first exporter of phosphates). Morocco also has large reserves of Phosphate rocks and produces enough lead, copper, coal and zinc for domestic consumption.
Morocco's agricultural production has two major parts : dry-land and irrigated farming. Dry-land farming occupies over 80% of the arable land and is dominated by the production of cereals (wheat) and vegetables. Some of Morocco's greatest agricultural successes include:
- citrus (Morocco is the world's second largest exporter of citrus);
- large scale production of sugar beet and sugar cane;
- the development of early vegetables for export.
Exports more than doubled from approximately US $2 billion in 1990 to over US $4 billion in 1991. As a result of the 1983 structural adjustment program, almost 50 of Morocco's exports are consumer and semi-manufactured goods with a significant reduction of mineral and agricultural products.
This sector is considered to be one of the most dynamic sectors in Morocco's social and economic activity. The development of tourism in Morocco is linked to several factors: scenic variety, mild climate, the hospitality of its people and the numerous historic sites and monuments in the Imperial Cities (Rabat, Meknes, Fes and Marrakesh).