In the Arab world, Morocco has the second-largest non-oil GDP, behind Egypt, as of 2017. The economic system of the country is characterized by a large opening towards the outside world. Fiscal prudence has allowed for consolidation, with both the budget deficit and debt falling as a percentage of GDP. With a semi-arid climate, it is difficult to assure good rainfall and Morocco's GDP varies depending on the weather. Morocco, however, still depends to an inordinate degree on agriculture, which accounts for around 14% of GDP but employs 40–45% of the Moroccan population. The sectors that recorded the highest growth are the tourism, telecoms, and textile sectors. The industry sector– consisting of mining, construction and manufacturing – is an additional quarter. The services sector accounts for just over half of the GDP. The World Economic Forum placed Morocco as the 1st most competitive economy in North Africa, in its African Competitiveness Report 2014–2015. Morocco has become a major player in African economic affairs, and is the 5th largest African economy by GDP (PPP). Since 1993, Morocco has followed a policy of privatization of certain economic sectors which used to be in the hands of the government. The economy of Morocco is considered a relatively liberal economy, governed by the law of supply and demand. All values, unless otherwise stated, are in US dollars.
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