Morocco - The economy (Vol. 1 of 2) : Main report

AF 7 FILE CCoPY VOL. 1 This report was prepared for use within the Bank and its affiliated organizations. They do not accept responsibility for its accuracy or completeness. The report may not be published nor may it be quoted as representing their views. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT INTERNATIONAL DEVELOPMENT ASSOCIATION THE ECONOMY OF MOROCCO March 14, 1963 Department of Operations Africa  EQUIVALEtNTS Currency Unit = dirham (DH) up, 1 = U.S. $0.1974 EH 5.o6 = U.S. $1.00 DH 1 million = U.S. $197,400 DH 100 million = U.S. $19,740,000 Weights All weights are expressed in metric tons unless otherwise stated. Area 1 hectare = 2.471 acres 100,000 hectares = 247,100 a,res  THE ECONOMiY OF MOROCCO Table of Contents Page BASIC DATA MAP OF MOROCCO SUMPMARY AND CONCLUSIONS . . . . . . . . . . . . . . . . . . . . I. BACKGROUND FOR DEVELOPMtENT . . . . . . . . . . . . . . 1 II. GROWTH AND STRUCTURE OF THE ECONOMY . .. . . . . . . 8 A. National Accounts Data . . . . . . . . . . . . . . 8 B. Production, Investment and Employment by Sectors . ll Agriculture . . . . . . . . . . . . . . . . . Forestry. . . . . . . . . . . . . . . . . . . 16 Fisheries . . . . . . . . . . . . . . . . . 16 Mining . . . . . . . . . . . . . . . . . . . 17 Manufacturing and Handicrafts . . . . . . . . 19 Building and Construction . . . . . . . . . . 22 C. Infrastructure e . . . . . . . . . . . . . . . . . 23 Transport . . . . . . . . . . . . . . . . . . 23 Electric Power . . . . . . . . . . . . . . . 25 D. Money, Credit and the Capital Market . . . . . . . 26 E. Prices and Wages . . . . . . . . . . . . . . . . . 31 F. Public Finances . . . . . . . . . . . . . . . . . 32 G. External Finance and Trade . . . . . . . . . . . . 37 III. DEVELOPvENT POLICY IN PRINCIPLE AND PRACTICE. 41 IV. LONG-TERM PROSPECTS AND CREDITWORTHINESS . . . . . . . . h7 APPENDICES A. DEVELOPPENT OF HUMAN RESOURCES B. LIST CF MAJOR IIONETARY INSTITUTIONS IN MiOROCCO C. PUBLIC INSTITUTIONS IN MOROCCO D. INSTITUTIONS WITH PUBLIC PARTICIPATION E. STATISTICAL APPENDIX  LIST OF SELECTED TABLES IN THE TEXT Page Number of vehicles, traffic circulation . . . . . . . . 24 Development of minimum hourly wage 1948-62 . . . . . . 32 Central Government's estimated and actual revenues and expenditures 1955-63 .. 33 Foreign aid contribution in capital budget. . . . . . . 35 Balance of payments 1952-61 (in U.S. dollars) . . . . 37 Development Plan 1960-64 - Production targets . . . . 42 Development Plan 1960-64 - Investment targets . . . . 43 Development Plan 1960-64 - Financing targets . . . . 45  BASIC DATA Area: 172,000 square miles Population: (in thousands) 1960: Moroccans 11,230 Foreigners 395 Total: 11,625 Gross National Product 1961 9.2 billion dirhams Investment 11% of G.N.P. Gross National Product per capita: $156 equivalent Public Finance 1962 (millions of dirhams) Ordinary Expenditures 1,823 Revenues 1,596 Capital Expenditures 505 Revenues 258 External Trade 1961 (millions of dollars) Imports (c.i.f.) 450 50% from France Exports (f.o.b.) 363 37% to France Main Exports Phosphates 82 Manganese Ore 18 Lead Ore 9 Citrus 3 Tomatoes 15 Wine 11 Canned Fish 22 Foreign Exchange Reserves End of October 1962 - U.S. $184 million equivalent Estimated Public External Debt Outstanding October 31, 1961 - Estimated U.S. $388 million equivalent  M ROCCO EUTA MEDITERRANEANNSEA M O R O C C Q /TETOU~~~~~~~~TOAN Siected ma-n roads +rrtoI-I-I-II-I - .-.I-I- Railroads .,| U Z A E 3\> * - -* Internat-onal boundaries GHA