Morocco recorded strong growth of 5.5% in the second quarter of 2025, according to the High Commission for Planning (HCP).
This performance was primarily driven by the manufacturing, extraction, construction, and tourism sectors, which contributed approximately 40% of the total recorded growth. The recovery in exports (+8.5%) and increased domestic demand (+9.2%) further bolstered this momentum, despite an expansion in the economic financing deficit, reaching –3.2% of quarterly GDP due to accelerated investment project activity.
In the third quarter of the year, the economy maintained robust growth at 4.3%, supported by domestic demand, which contributed 8 points to the rise in GDP. Investment continued to grow at a rate of 14.2% thanks to infrastructure projects and a rebound in the construction sector, while household consumption rose by 4.1%, aided by government measures to improve purchasing power, particularly the second phase of public sector wage increases, against a backdrop of low inflation (+0.4%). The country also saw a year-on-year increase in economic debt of 6.5%.
For the fourth quarter of 2025, the High Commission for Planning forecasts a growth rate of 4.7%, driven by improved external demand, especially from Europe, amid declining interest rates. Household consumption is expected to rise by 4.4%, supported by wage increases and tax reductions, while investment will continue on an upward trend (+12.6%) due to increased equipment spending and public projects.
The Commission noted that these forecasts remain contingent on several uncertain external factors, particularly developments in demand in Europe and the United States. Conversely, positive prospects for the industrial sector are anticipated, especially in the chemical, electrical, and production equipment industries, which are expected to benefit from the carbon border adjustment mechanism coming into effect in February 2026.
