Economic trends
During the last few years, the Moroccan economy has been characterized by macro-economic stability, coupled with low inflation and a relatively slow economic growth. The government continues to adopt economic reforms and pursue the economic liberalization drive in order to stimulate growth and create jobs.
The GDP growth rate is having trouble stabilizing. Nevertheless, the soundness of the essential economy of Morocco and the increasing attractiveness of the Sharifian kingdom, ensure that despite the financial crisis, the country will still show GDP growth in the coming years. Nevertheless, this growth will be insufficient to diminish poverty and reduce the significant rate of unemployment. The country's economy remains largely dependent on the agricultural sector, which is extremely vulnerable to drought. The significant foreign debts and the budgetary balance which is highly in deficit are also cause for concern.
Main branches of industry
The agricultural sector is dominant in Morocco with almost half of the active population being employed in the sector, and which contributes around 13% to the GDP. Grains, fruits and vegetables are the country's main crops. Economic growth relies excessively on this sector. Morocco has little by way of mineral resources; phosphates being its main wealth. Industry contributes around one-third of the GDP, thanks to the textiles, leather goods, food processing, oil refining, and electronic assembling sectors.
The tertiary sector contributes around 60% of the GDP and depends exclusively on tourism, which remains very dynamic despite the economic slowdown brought about by the attacks of September 11, 2001 and the Casablanca May 2003 . Other than granting concessions for a lot of public services in the major towns, the country recently liberalized oil and gas exploration regulations. Calls for tender procedures have become increasingly transparent.
International trade
Morocco's trade deficit worsened considerably in 2008, mainly because of the rise in cereal imports related to the low levels of rainfall recorded in that year and the high energy bill. Thus the increase in exports could not compensate for the increase in imports. However, the fall in oil prices should absorb the trade deficit in the coming years.
Morroco's two main export partners of are the European Union and the United States. The main export commodities are clothing & clothes, electric machinery, inorganic chemicals, fish & other seafoods.
Morroco's two main import partners are the European Union and China. The country mainly imports fuels & oil, electric and electronic machinery and equipment, vehicles, iron and steel.
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