Morocco Economy

The Morocco economy is quite strong and although financial markets consider that the Dirham (Moroccan currency) is a little over valued but, it is a fully convertible currency in current account transactions.

Inflation is low thanks to an economically sound government. The main source of income for Morocco is phosphate mining although with production accounting for only 2% of employment, it actually generates more than 50% of GDP. Second strongest area is agriculture which employs more than half of the Moroccan population and provides between 15-20% of GDP. Morocco exports phosphate (no.2 exporter), almonds (largest African exporter) and cannabis.

Morocco does not have large oil or gas reserves although exploration continues. The government recognises that its dependency on agriculture for up to a fifth of its GDP is heavily dependant on rainfall and wants to diversify. France is its biggest trading partner although the Morocco economy has benefited from signing free trade agreements with the European Union and North America, most Moroccan companies are rated as "small to medium" and hence are finding it a challenge to break out of their home market.

Currently, tourism and real estate are the two fastest growing areas in the Morocco economy. Know more about business culture in Morocco.