Innovative land & property investments
Investment property in Morocco
Buying Guide
Economic Overview
Economic wealth
Morocco is ranked quite highly by the African Development Bank as being the fifth economic power in Africa after South Africa, Algeria, Egypt and Nigeria, with a GDP of approx 50 billion USD.
Economic centres
The bulk of Moroccans live in the west of the country in centres such as Casablanca with its major port, Rabat, the capital and seat of government, Tangier the access point to Spain and Europe, Fez a cultural and religious centre and the tourist's favourite, largely Berber Marrakesh.
Sources of income
Morocco's top three sources of income are the mining of phosphates, the transfer of money from nationals living abroad back to their relatives and thirdly, tourism.
Morocco is also one of the world's largest producers of hashish, an illicit trade but up to 1,340km2 of land is under cultivation for this purpose in the northern provinces employing 96,000 families and supplying up to 80% of the hashish consumed in Europe.
Other key industries include food processing, leather, textiles and fishing.
Agrarian and service economy
The labour force is currently divided as follows - 40% in agriculture, 45% in services and 15% in industry.
Agriculture can be a precarious industry, notably in the late 1990s when drought depressed the sector significantly and grain had to be imported.
The rains have been kinder over recent years bringing increased growth, although the Government is keen to reduce reliance on this sector.
Indicators of growth
GDP real growth rate is pitched at 1.7% (2005), inflation is stable at between 1% and 2% and the payment of external debt is being met.
The major problems are unemployment, currently estimated at 12.1%, and the fact that up to 20% of the population is thought to be below the poverty line, many rural villages do not even yet have running water.
A huge population explosion over the last 50 years from 8 million in 1952 to over 33 million today has not helped to reduce either unemployment or poverty.
Education
Education is compulsory up to the age of 15 but many in rural areas, especially females, still do not attend school.
Illiteracy is therefore high at 50% and even higher, up to 90%, in rural areas.
Approximately 230,000 students are enrolled across 14 public universities and interestingly Morocco boasts the oldest university in the world, the University of Al Karaouine in Fez, at over 1,000 years old.
Key facts
- Fifth economic power in Africa after South Africa, Algeria, Egypt and Nigeria, with a GDP of approx 50 billion USD
- Its main economic centres are Rabat, Casablanca, Tangier and Fez
- Marrakesh is the cultural and religious centre and tourist favourite
- The mining of phosphates, the transfer of money from nationals abroad back to their relatives and tourism are Morocco's top three earners
- The main sources of employment are agriculture (40%) and services (45%)
- GDP real growth rate is pitched at 1.7% (2005), inflation is a stable 1-2% and external debt is being met
Downloadable Reports and Documents
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