Monitoring
The Ministry of Economy and Finance reported a significant improvement in most indicators of the national economy as the end of the year approaches, driven by recent rainfall that promises a promising agricultural season, alongside the continued strong performance of the tourism sector.
A memorandum on economic conditions issued by the ministry for December 2025 indicated that current weather conditions herald a good agricultural season for 2025-2026, with the dam filling rate rising to 34.7% as of December 24. Additionally, exports of agricultural, forest, and fisheries products recorded a growth of 7.3%.
In the industrial sector, manufacturing industries showed improvement, with their index rising by 2.2% during the third quarter of the year, compared to 7% in the second quarter. The extractive sector continued its positive momentum, recording a growth of 7.4% after an impressive 16.8% in the previous quarter.
Meanwhile, the services sector continued to enhance its contribution to economic activity, thanks to the robust performance of tourism, which saw a 14% increase in the number of arrivals by the end of November, a 9% rise in overnight stays, and a 16.7% increase in revenues. This improvement also had ripple effects on the transport sector, where the number of air transport customers rose by 11%, and the activities of ports overseen by the National Ports Agency increased by 6% by the end of October.
On the social front, household consumption continued its growth, supported by measures taken to enhance purchasing power amidst a context of negative inflation, which stood at -0.3% during November.
The national economy also benefited from the increase in remittances from Moroccans living abroad, which rose by 1.5% by the end of October, along with a 4.5% growth in consumer loans and the creation of 220,000 wage-earning jobs in the third quarter of 2025.
The last quarter of the year witnessed an acceleration in investment, bolstered by major structural projects and budgeted equipment expenses, which increased by 16.9% by the end of November.
These dynamics are expected to strengthen the positive results recorded in foreign direct investments, which saw a 28.2% increase in revenues, in addition to a 15.2% rise in imports of equipment and a 21.9% increase in loans for equipment by the end of October.
Conversely, national exports increased by 2.6% during the same period, primarily driven by growth in phosphate and its derivatives by 16.7%, and the aerospace industry by 8.3%, along with agriculture and food industries, which rose by 1.1%.
Simultaneously, imports recorded a 9.4% increase, excluding energy products which declined by 4.4%, leading to a 19.6% rise in the trade deficit and a 3.7-point drop in the coverage rate, settling at 56.5% by the end of October.
