Economic Growth
Morocco is a fairly stable economy with continuous growth over the past half-a-century. Current GDP per capita grew 47% in the Sixties reaching a peak growth of 274% in the Seventies. However, this proved unsustainable and growth scaled back sharply to just 8.2% in the Eighties and 8.9% in the Nineties.
Real GDP growth is expected to average 5.5% in the 2009–13 period, seen the prospects in the tourism and the non-agricultural industry, as demand growth in the Eurozone — Morocco's key export market and source of tourists is projected to be more subdued. Growth will be well below the 8–10% levels that are widely regarded as necessary to have a major impact on poverty and unemployment. Economic growth will also be intermittently hindered by the impact of periodic droughts on the rain-fed agricultural sector, the country's largest employer.
| Moroccan GDP growth (IMF) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2004–2010 |
|---|---|---|---|---|---|---|---|---|
| Moroccan GDP(PPP) | 101.904 | 108.171 | 120.365 | 126.943 | 138.177 | 148.109 | 159.007 | NA |
| Moroccan GDP(Nominal) | 56.948 | 59.524 | 65.640 | 75.116 | 90.470 | 97.68 | 106.59 | NA |
| Moroccan GDP(PPP) per capita | 3,409 | 3,585 | 3,945 | 4,093 | 4,432 | 4,725 | 5,025 | NA |
| Percentage of GDP growth | 4.8 | 3.0 | 7.8 | 2.7 | 6.5 | 4.4 (est.) | 4.4 (est.) | Av. of 5.2% |
| Public Debt (percentage of GDP) | 59.4 | 63.1 | 58.1 | 53.6 | 51.9 | 51.8 (est.) | 50.1 (est.) | NA |
Read more about this topic: Economy Of Morocco
Famous quotes containing the words economic and/or growth:
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“Perhaps our national ambition to standardize ourselves has behind it the notion that democracy means standardization. But standardization is the surest way to destroy the initiative, to benumb the creative impulse above all else essential to the vitality and growth of democratic ideals.”
—Ida M. Tarbell (1857–1944)