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Casablanca, Morocco News
About Casablanca, Morocco Casablanca is the economic capital of Morocco which employs 46% of the working population. According to the African Development Bank, the GDP of Morocco accounts for 7% of the African continent. Morocco is the fifth economic power of Africa with a 2006 GDP of $152.5 billion at PPP ($58.1 billion at official exchange rates), after South Africa, Egypt, Algeria and Nigeria. Morocco's largest industry is the mining of phosphates. Its second largest source of income is from nationals living abroad who transfer money to relatives living in Morocco. The country's third largest source of revenue is tourism; 7.45 million tourists visited the country in 2007. Morocco ranks among the world’s largest producers and exporters of cannabis, and its cultivation and sale provide the economic base for much of the population of northern Morocco. The cannabis is typically processed into hashish. This activity represents about 0.5% of Morocco's Gross Domestic Product (GDP). Morocco has signed Free Trade Agreements with the European Union (to take effect 2010) and the United States of America. The United States Senate approved by a vote of 85 to 13, on July 22, 2004, the US-Morocco Free Trade Agreement, which will allow for 98% of the two-way trade of consumer and industrial products to be without tariffs. The agreement entered into force in January 2006. Other Major Cities:
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