Economic climate
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.
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.
For the latest key economic indicators and statistics, please see the Department of Foreign Affairs and Trade country economic fact sheet.
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