Moroccan economy

The services sector accounts for just over half of the GDP. The industry sector– consisting of mining, construction and manufacturing – is an additional quarter. The sectors that recorded the highest growth are the tourism, telecommunications, and textile sectors. Morocco, however, still depends to an inordinate degree on agriculture, which accounts for around 10.7% of GDP but employs 26.6% of the working population. With a semi-arid climate, it is difficult to assure good rainfall and GDP growth varies depending on the weather. Fiscal prudence has allowed for consolidation, with both the budget deficit and debt falling as a percentage of GDP. Major resources of the Moroccan economy include agriculture, tourism and Manufacturing. Industry and mining contribute about one-third of the annual GDP. Morocco is the world's third-largest producer of phosphates (after the United States and China), and the price fluctuations of phosphates on the international market can have great influence on Morocco's economy. The fishery sector is important as well, while workers' remittances have played a critical role since independence.