Morocco's economy is a relatively liberal economy governed by the law of supply and demand. Morocco is an important part of African economic affairs as it is the 5th largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the 2nd most competitive economy in North Africa behind Tunisia. Morocco has also been ranked the 1st African country by the Economist Intelligence Unit's quality-of-life index.
Morocco's GDP (purchasing power parity) is estimated at 151.4 billion USD. The GDP (official exchange rate) is 103.5 billion USD.
An important trade location, Morocco is the world's biggest exporter and third producer of phosphorus. Price fluctuations of phosphates in the international market strongly influence Morocco's economy. The country is working to diversify its economy. There is development in new service and industrial poles of Casablanca and Tangier. The agriculture sector is being rehabilitated. This has been aided by an increase in rainfall. The services sector is slowly developing and currently accounts for just over half of the GDP.
France remains the primary trade partner (supplier and customer) of Morocco, as well as the primary creditor and foreign investor. Morocco also has a Free Trade Agreement (FTA) with the US and is working to increase trade with the EU.
Issues in Morocco's economy are to accelerate growth and sustain that improved performance in order to reduce high levels of unemployment and underemployment. Overall unemployment is 8.6 percent, with unemployment among young urban males at an alarming 31 percent. It's assets are the relatively low labor costs and proximity to Europe. King Mohammed VI have brought macroeconomic stability to the country with generally low inflation, improved financial performance, and steady progress in developing the service and industrial sector. There is also great importance put on improved education.
Casablanca is the economic center of Morocco. It has the headquarters and main industrial facilities for Moroccan and international companies based in Morocco. The Port of Casablanca is one of the largest artificial ports in the world, and the largest port of North Africa. It is also the primary naval base for the Royal Moroccan Navy.
The Grand Casablanca region attracts 32 percent of the country's production units and 56 percent of industrial labor. The region is responsible for up to 44 percent of the Industrial production of the Kingdom. In addition, 30 percent of Morocco's banking network is concentrated in Casablanca.
The major export is phosphate, with other industries include fishing, fish canning, sawmills, furniture production, building materials, glass, textiles, electronics, leather work, processed food, spirits, soft drinks, and cigarettes.
The are around the port and along the waterfront is under development. This includes entertainment centers, housing, shopping a renovated coastal walkway.
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