Economy of Morocco. As is true in many former African colonies, the Moroccan economy remains heavily dependent on the export of raw materials. Also of growing importance to the economy are modern sectors, particularly tourism and telecommunications.
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Despite Morocco's status as a middle-income country, living standards are low by international standards and have declined since the early 1990s, especially in terms of educational and medical social services.
Morocco is home to four billionaires, 28 centi-millionaires, and 5,800 millionaires. Wealth Report: Morocco Among 'Big 5' Wealth Markets in Africa By Mariya Sahnouni - Mar. 29, 2023 12:47 p.m.
H&P data suggests that the number of super-wealthy individuals residing in Marrakech grew by 55% between 2012 and 2022. The Moroccan city is now home to 900 millionaires, 8 centi-millionaires (individuals with a network of $100 million), and two billionaires.
Electronics & Media is the largest market and accounts for 49.4% of the Moroccan eCommerce revenue. It is followed by Fashion with 17.5%, Toys, Hobby & DIY with 12.5%, Furniture & Appliances with 10.6%, and Food & Personal Care with the remaining 10.0%.
The country is famous for its mosques, palaces, riads, and medinas, each featuring intricate designs and captivating artistry. Some examples of iconic architectural landmarks in Morocco include the Hassan II Mosque in Casablanca, Bahia Palace in Marrakech, and the ancient Roman ruins of Volubilis.
Morocco is known for its Medinas, which are cities' historical downtowns and the place to hunt for traditional handicrafts. All Moroccan handicrafts, like jewelry, rugs, leather items and teapots can be found in the Medina.
Polygamy in Morocco is legal, but very uncommon due to restrictions that were introduced by the government in 2004 that mandated financial qualifications a husband must meet in order to marry a second wife. A husband must have written permission from his current wife before marrying a second wife.
The major resources of the Moroccan economy are agriculture, phosphate minerals, and tourism. Sales of fish and seafood are important as well. Industry and mining contribute about one-third of the annual GDP.
Other minerals include iron ore and coal, mined for Morocco's domestic use, and barite, manganese, lead, and zinc, which are exported in small quantities. A major weakness in Morocco's resource inventory is its shortage of domestic energy sources.