US diplomatic representation: chief of mission: Ambassador Marc C. GINSBERG embassy: 2 Avenue de Marrakech, Rabat mailing address: PSC 74, Box 003, APO AE 09718 telephone: [212] (7) 76 22 65 FAX: [212] (7) 76 56 61 consulate(s) general: Casablanca
Flag: red with a green pentacle (five-pointed, linear star) known as Solomon's seal in the center of the flag; green is the traditional color of Islam
@Morocco:Economy
Overview: Morocco faces the typical problems of developing countries - restraining government spending, reducing constraints on private activity and foreign trade, and keeping inflation within bounds. Since the early 1980s the government has pursued an economic program toward these objectives with the support of the IMF, the World Bank, and the Paris Club of creditors. The economy has substantial assets to draw on: the world's largest phosphate reserves, diverse agricultural and fishing resources, a sizable tourist industry, a growing manufacturing sector, and remittances from Moroccans working abroad. A severe drought in 1992-93 depressed economic activity and held down exports. Real GDP contracted by 4.4% in 1992 and 1.1% in 1993. Despite these setbacks, initiatives to relax capital controls, strengthen the banking sector, and privatize state enterprises went forward in 1993-94. Favorable rainfall in 1994 boosted agricultural production by 40%. Servicing the large debt, high unemployment, and vulnerability to external economic forces remain long-term problems for Morocco.
National product: GDP - purchasing power parity - $87.5 billion (1994 est.)
National product real growth rate: 8% (1994 est.)
National product per capita: $3,060 (1994 est.)
Inflation rate (consumer prices): 5.4% (1994)
Unemployment rate: 16% (1994 est.)
Budget: revenues: $8.1 billion expenditures: $8.9 billion (1994 est.)