Bank Al-Maghrib: Economy to grow 5.6% in 2026, agricultural value added to rise 14.4%
Following its first quarterly meeting for 2026, Bank Al-Maghrib forecasts that the national economy recorded a significant improvement of 4.8% in 2025, with growth expected to reach 5.6% this year before slowing to 3.5% in 2027.
The bank attributes this improvement to “very favorable climatic conditions,” which are expected to significantly boost agricultural production, particularly in the grain sector. The area planted reached 3.9 million hectares, which may lead to a yield of 82 million quintals for the three main grain crops. According to estimates, agricultural value added is expected to increase by 14.4% in 2026, following a 5% rise in 2025, although it may decline by 5.3% in 2027 if grain production returns to its average levels.
At the same time, non-agricultural activity growth is anticipated to remain robust, driven by investment dynamism in economic and social infrastructure, stabilizing around 4.5% during this period, according to the bank’s statement.
As for inflation, it has remained low due to improved food supply and decreasing fuel prices. The bank indicated that inflation is expected to remain nearly stable at 0.8% in 2026, before gradually rising to 1.4% in 2027, with potential medium-term impacts from rising oil prices.
Based on this data, the Bank Al-Maghrib Council decided to keep the key interest rate unchanged at 2.25%, while continuing to closely monitor the national and international economic conditions, especially developments in the Middle East and their possible effects on the national economy.
In conclusion, the bank emphasized its commitment to making decisions based on the latest updated data, while taking into account the heightened uncertainty surrounding global economic prospects.
