Morocco GDP growth reaches 4% in Q2 2026 as agriculture surges

Wednesday 30 September 2026 - 15:15

Morocco’s economy expanded by 4% in the second quarter of 2026, according to the latest economic assessment by the High Commission for Planning (HCP). The figures point to a stronger contribution from primary activities, particularly agriculture, while industrial and other secondary-sector activities continued to face pressure.

The quarterly performance also reflects a combination of stronger domestic demand, rising investment and a moderation in price pressures.

Agriculture emerges as the main growth driver

The primary sector recorded a particularly strong performance during the quarter, with its value added increasing by 20.9% in volume terms. Agricultural activity rose by 21.2%, while fishing expanded by 15.9%.

This sharp improvement in primary activities provided an important contribution to overall economic growth and contrasts with the contraction recorded in the secondary sector.

Secondary activities remain under pressure

The value added generated by the secondary sector, adjusted for seasonal variations, declined by 3.9% in volume terms.

The contraction highlights the uneven nature of Morocco’s economic performance during the second quarter. While agriculture and fishing advanced significantly, secondary activities moved in the opposite direction.

Meanwhile, the tertiary sector maintained positive growth, although at a slower pace. Its value added increased by 4%, indicating continued expansion in services and related activities.

Nominal GDP rises as price pressures ease

At current prices, Morocco’s gross domestic product increased by 4.4% during the second quarter.

The HCP data also point to a significant moderation in the general price level, with the corresponding increase standing at 0.4%. The combination of nominal GDP growth and limited price pressure provides another indication of the economic conditions recorded during the period.

Domestic demand strengthens

Domestic demand improved by 5% in the second quarter, making a substantial contribution to national economic growth.

According to the HCP assessment, domestic demand accounted for 5.6 percentage points of the overall growth rate. This indicates that internal consumption and spending remained an important source of economic activity during the quarter.

Investment continues to expand, but at a slower pace

Gross investment also increased during the period, although its growth rate slowed to 6.8%. The indicator includes gross fixed capital formation, changes in inventories and net acquisitions of valuables.

Despite the moderation, investment contributed 2.4 percentage points to national economic growth, underlining its continued role in supporting economic activity.

An uneven quarterly performance

The second-quarter figures portray an economy experiencing contrasting sectoral trends. The strong rebound in agriculture and fishing provided significant momentum, while the secondary sector contracted and the tertiary sector recorded more moderate growth.

At the same time, stronger domestic demand and continued investment helped reinforce overall activity. The HCP’s assessment therefore highlights a quarterly expansion shaped by the interaction between a strong primary sector, resilient internal demand and divergent performances across economic sectors.

The data provide a snapshot of Morocco’s economic situation during the second quarter of 2026, with the 4% real GDP growth rate standing as the headline indicator of the period.