Morocco’s economy 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 has become a major player in African economic affairs, and is the 5th African economy by GDP (PPP). Morocco had ranked as the first African country by the Economist Intelligence Unit’s quality-of-life index, ahead of South Africa . However, in the years since that first-place ranking had given, Morocco has slipped into fourth place behind Egypt.
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.
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.