Flag description:
red with a green pentacle (five-pointed, linear star) known as
Sulayman's (Solomon's) seal in the center of the flag; red and green
are traditional colors in Arab flags, although the use of red is
more commonly associated with the Arab states of the Persian gulf;
design dates to 1912
Economy Morocco
Economy - overview:
Morocco faces the problems typical of developing countries -
restraining government spending, reducing constraints on private
activity and foreign trade, and achieving sustainable economic
growth. Despite structural adjustment programs supported by the IMF,
the World Bank, and the Paris Club, the dirham is only fully
convertible for current account transactions. Reforms of the
financial sector are being contemplated. Droughts depressed activity
in the key agricultural sector and contributed to a stagnant economy
in 2002. Morocco reported large foreign exchange inflows from the
sale of a mobile telephone license, and partial privatization of the
state-owned telecommunications company and the state tobacco
company. Favorable rainfall in 2003 led to a growth of 6%.
Formidable long-term challenges include: preparing the economy for
freer trade with the EU and US, improving education, and attracting
foreign investment to boost living standards and job prospects for
Morocco's youth.
GDP:
purchasing power parity - $128.3 billion (2003 est.)
GDP - real growth rate:
6% (2003 est.)
GDP - per capita:
purchasing power parity - $4,000 (2003 est.)
GDP - composition by sector: agriculture: 22.9% industry: 35.5% services: 41.5% (2003 est.)
Investment (gross fixed):
21.7% of GDP (2003)
Population below poverty line:
19% (1999 est.)
Household income or consumption by percentage share: lowest 10%: 2.6% highest 10%: 30.9% (1998-99)