Moroccan economy grows by 4.6% in the first quarter of 2026

Monday 29 June 2026 - 16:16

By: Azzat Manal

Moroccan economy grows by 4.6% in the first quarter of 2026

Morocco's economy maintained solid momentum during the first quarter of 2026, recording a 4.6% year-on-year growth rate, supported by a strong recovery in agricultural activity and robust domestic demand, according to the latest national accounts released by the High Commission for Planning (HCP).

Although slightly below the 5.0% growth recorded during the same period in 2025, the latest figures highlight the resilience of the Moroccan economy amid a mixed international economic environment and ongoing global trade uncertainties.

The agricultural sector was the primary driver of economic expansion. Favorable weather conditions and improved crop production led to an 18.4% increase in agricultural value added, while the overall primary sector expanded by 17.3%, making a significant contribution to national economic growth.

In contrast, non-agricultural activities recorded more moderate growth of 2.6%. The secondary sector experienced a slight decline of 1.0%, reflecting weaker performance in several industrial branches, including manufacturing, mining, electricity, water utilities, and construction.

The services sector continued to demonstrate resilience, posting 4.3% growth. Financial services, insurance, transportation, logistics, and information and communication activities supported this performance, although tourism, trade, and real estate services expanded at a slower pace.

Domestic demand remained the principal engine of growth. Overall domestic demand increased by 6.5%, driven by stronger household consumption, which rose 4.6%, and higher public spending, which expanded by 4.9%. Investment also remained dynamic, growing by 10.8%, reflecting continued confidence in Morocco's long-term economic prospects and infrastructure development.

Inflationary pressures eased considerably during the quarter. The inflation rate fell to 1.1%, helping strengthen household purchasing power and supporting consumer spending.

Foreign trade presented a more mixed picture. Exports increased by 9.2%, reflecting continued demand for Moroccan products in international markets. However, imports grew faster, rising 12.7%, resulting in a negative contribution of 2.3 percentage points from net external trade to overall economic growth.

On the macroeconomic front, Morocco's national savings rate remained stable at 31.4% of GDP, while the economy's financing requirement stood at approximately 1.5% of GDP, indicating that external financing continues to play a complementary role in supporting investment and economic expansion.

Overall, the first-quarter results suggest that Morocco's economy continues to benefit from a combination of agricultural recovery, sustained domestic consumption, and investment activity. While challenges remain in certain productive sectors and external trade balances, the country's economic fundamentals continue to support steady growth as policymakers pursue reforms aimed at strengthening competitiveness, attracting investment, and promoting sustainable development.