Morocco's economy is considered a relatively liberal economy governed by the law of supply and demand. Since 1993, the country has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. Morocco is the world's biggest exporter and third producer of phosphorus. Price fluctuations of phosphates in the international market strongly influence Morocco's economy.
Government reforms and steady yearly growth in the region of 4–5% from 2000 to 2007, including 4.9% year-on-year growth in 2003–2007 helped the Moroccan economy to become much more robust compared to a few years ago. For 2012 the World Bank forecasts a rate of 4% growth for Morocco and 4.2% for following year, 2013.
Economic growth is far more diversified, with new service and industrial poles, like Casablanca and Tangier, developing. The agriculture sector is being rehabilitated, which in combination with good rainfalls led to a growth of over 20% in 2009.
The services sector accounts for just over half of GDP and industry, made up of mining, construction and manufacturing, is an additional quarter. The industries that recorded the highest growth are tourism, telecoms, information technology, and textile. Morocco, however, still depends to an inordinate degree on agriculture. This economic sector accounts for only around 14% of GDP but employs 40–45% of the Moroccan working population. With a semi-arid climate and an ill-developed irrigation system, it is difficult to assure enough irrigation. Morocco’s economy depends heavily on the weather, a typical characteristic of third-world countries. Fiscal prudence has allowed for consolidation, with both the budget deficit and debt falling as a percentage of GDP.
The economic system of the country presents several facets. It is characterized by a large opening towards the outside world. France remains the primary trade partner (supplier and customer) of