The economy of Morocco is considered a relatively liberal economy, governed by the law of supply and demand. Since 1993, in line with many Western world changes; Morocco has followed a policy of privatisation 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 largest African economy by GDP (PPP). The World Economic Forum placed Morocco as the most competitive economy in North Africa, in its African Competitiveness Report 2014–2015.
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,