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Country facts
| Capital city: |
Rabat |
| Surface area: |
447,000 sq km |
| Population: |
31 million |
| Official language(s): |
Arabic |
| Head of State: |
HM King Mohamed VI |
| Head of Government: |
Prime Minister Mr Abbas El Fassi |
| Australian exports to Morocco: |
A$15 million |
| Australian imports from Morocco: |
A$71 million |
| Morocco's principal export destinations: |
France, Spain, UK |
| Morocco's principal import sources: |
France, Spain, Italy | (Source: Department of Foreign Affairs and Trade - Country economic fact sheet) |
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According to the International Monetary Fund (IMF), fiscal deficits have edged upwards in Morocco to reach a level of seven per cent of GDP. The deterioration appears to be due to some exhaustion of mineral resources, relied upon for export. In view of future accession to the WTO and of the Association Agreement with the European Union (AAEU), Morocco has been pursuing trade liberalisation and the privatisation of public enterprises. The IMF considers Morocco an emerging market.
Key economic indicators and statistics for 2008:
- GDP – US$90.5 billion
- GPD per capita – US$2,902
- Real GDP growth – 6.5 per cent
- Inflation – 3.9 per cent
(Source: Department of Foreign Affairs and Trade - Country economic fact sheet)
Morocco has natural mineral and metal resources but it is heavily dependent on agriculture and fishing; 75 per cent of the agricultural output depends on rainfall. Tourism and textiles are also important industries.
Morocco has the world's largest phosphate reserves and is the third largest exporter of phosphates and its derivatives in the world (phosphoric acid and fertiliser), representing more than a quarter of Moroccan exports.
Agriculture contributes about 15 per cent of GDP. Morocco is a net exporter of fruits and vegetables, and a net importer of cereals.
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Morocco gained independence from France in 1956. It is now a constitutional monarchy, with King Mohammed VI as the head of state.
Parliament is divided into two chambers. The upper house (House of Counsellors) is elected indirectly by local councils, professional organisations, and labour syndicates for nine-year terms; one-third of the members are renewed every three years. In the lower house (House of Representatives) two-thirds are elected by direct voting for six-year terms, with an electoral college electing the remaining third.
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Trade relations and statistics
Most of Morocco's trade is with Europe. The European Union accounts for approximately 70 per cent of total Moroccan exports. France is the most important partner accounting for about a quarter of both its exports and imports, followed by Spain and Italy.
Morocco has an Association Agreement with the European Union, which calls for the gradual elimination of tariffs on Morocco-EU trade over the next 12 years (in force from 2001). Some agricultural products (eg. citrus and tomatoes) are not covered by the agreement.
Morocco has free trade arrangements with Saudi Arabia, Hungary, Bulgaria and members of the Arab Maghreb Union (UMA), which remains, for the moment, dormant. Morocco is eager to increase its trade with China, Iraq and Egypt. A major free trade agreement has been signed with the US in 2004 – the first FTA ever signed by the US with an African country.
Major Australian exports to Morocco (2007-08):
- Meat (excluding beef) – A$3 million
- Crude vegetable matter – A$2 million
- Uncoated flat–rolled iron and steel – A$1 million
- Sugars, molasses and honey – A$1 million
Major Australian imports from Morocco (2007-08):
- Crude fertilisers – A$54 million
- Electronic integrated circuits – A$4 million
- Clothing – A$4 million
- Seafood, preserved or prepared – A$2 million
(Source: Department of Foreign Affairs and Trade – Country economic fact sheet) |
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