2.3. Overall economic performance (at least 10 years) 2.3.

1 Main economic indicators (growth, structure of production, income

Moroccos sound economic management in recent years has yielded strong growth and it is weathering the negative impacts of the global crisis impressively. Morocco is now addressing persistent social problems by reducing absolute poverty rates, investing in human capital through quality education, expanding access to drinking water, and linking rural areas to markets through investment in roads. The World Bank has a broad engagement in Morocco focused on three strategic pillars: (1) Growth, employment, competitiveness; (2) Services to citizens; and (3) Development sustainability in a changing climate. World Bank Morocco is a major developing economy. Its economy is a comparatively liberal economy ruled by the law of supply and demand. In 1993, Morocco started privatizing some of the economic segment that was in the hand of the government. Morocco is the world's biggest exporter and third largest producer of phosphorus. Its economy is immensely impacted by the price fluctuation of phosphates the global market. Led by the government policies Morocco GDP grew at an average rate of around 5%during the period from 2000 to 2009. For 2012 the World Bank forecasts a rate of 4% growth for Morocco and 4.2 percent for following year, 2013. Major economic growth is concentrated in the newer developing regions like, like Casablanca and Tangier, developing. The services sector with over 50% contribution to GDP is a major driver of the economy. The major industry in this segment includes mining, construction and manufacturing. The industries that recorded the highest growth are tourism, telecoms, information technology, and textile. Some of the major economic indicators of Morocco are given in the following paragraphs. Majority of data in this section is sourced from World Bank website unless otherwise specified. GDP per capita (current US$) GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.

GDP per Capita

2793
2389 1867 1652 1272 1280 1356 1931 2106 2828

2796

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Source: World Bank (http://data.worldbank.org/indicator/NY.GDP.PCAP.CD/countries?page=2&display=default) GDP growth (annual %) Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2000 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

GDP growth (%)

7.6 6.3 5.6 4.8 3.3 1.6 3.0 4.8 7.8

3.7
2.7

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Source: World Bank (http://data.worldbank.org/indicator/NY.GDP.PCAP.CD/countries?page=2&display=default) Inflation, consumer prices (annual %)