List of Banks in Morocco and Private Financial Services Morocco

 

Economy—overview: Morocco faces the problems

 

 Typical of developing countries—restraining government spending reducing constraints on private activity and foreign trade and keeping inflation within manageable 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 dirham is now fully convertible for current account transactions; reforms of the financial sector have been implemented; and state enterprises are slowly being privatized. Drought conditions in 1997 depressed activity in the key agricultural sector holding down exports and contributing to a 2.2% contraction in real GDP. Favorable rainfalls in the fall of 1997 have led to forecasts of robust 8%-9% real GDP growth in 1998. Servicing the external debt preparing the economy for freer trade with the European Union improving education and living standards and finding jobs for Morocco's youthful population remain long-term challenges.

 

GDP: purchasing power parity—$107 billion (1997 est.)

 

GDP—real growth rate: -2.2% (1997 est.)

 

GDP—per capita: purchasing power parity—$3 500 (1997 est.)

 

GDP—composition by sector:

 

agriculture: 14%

 

industry: 33%

 

services: 53% (1997)

 

Inflation rate—consumer price index: 3% (1997 est.)

 

Labor force:

 

total: 7.4 million

 

by occupation: agriculture 50% services 26% industry 15% other 9% (1985)

 

Unemployment rate: 16% (1997 est.)

 

Budget:

 

revenues: $10.4 billion

 

expenditures: $10.75 billion including capital expenditures of $1.9 billion (1996 est.)

 

Industries: phosphate rock mining and processing food processing leather goods textiles construction tourism

 

Industrial production growth rate: 4.5% (1996 est.)

 

Electricity—capacity: 3.788 million kW (1995)

 

Electricity—production: 10.8 billion kWh (1995)

 

Electricity—consumption per capita: 411 kWh (1995)

 

Agriculture—products: barley wheat citrus wine vegetables olives; livestock

 

Exports:

 

total value: $6.9 billion (f.o.b. 1996)

 

commodities: food and beverages 30% semiprocessed goods 23% consumer goods 21% phosphates 17% (1995 est.)

 

partners: EU 63% Japan 7.7% India 6.6% US 3.4% Libya 3.4% (1996 est.)

 

Imports:

 

total value: $9.7 billion (c.i.f. 1996)

 

commodities: semiprocessed goods 26% capital goods 25% food and beverages 18% fuel and lubricants 15% consumer goods 12% raw materials 4% (1995 est.)

 

partners: EU 57% US 6.6% Saudi Arabia 5.3% Brazil 2.8% (1996 est.)

 

Debt—external: $23.4 billion (1996 est.)

 

Economic aid:

 

recipient: ODA $297 million (1993)

 

note: $2.8 billion debt canceled by Saudi Arabia (1991)

 

Currency: 1 Moroccan dirham (DH) = 100 centimes

 

Exchange rates: Moroccan dirhams (DH) per US$1—9.822 (January 1998) 9.527 (1997) 8.716 (1996) 8.540 (1995) 9.203 (1994) 9.299 (1993)

 

Fiscal year: July 1-June 30