Morocco's Economy Projected to Grow 4.8% in Q2 2026

Morocco's national economy is anticipated to achieve a growth rate of 4.8% in the second quarter of 2026, according to the High Commission for Planning (HCP). This expansion is primarily fueled by a significant rebound in agricultural activity and the continued robustness of the services sector, alongside sustained domestic demand.

Despite ongoing global economic turbulence, notably the conflict in Iran which has exacerbated disruptions in international supply chains and maritime shipping costs, Morocco's economy has demonstrated remarkable resilience. The HCP noted that this internal strength has offset the limited external support, leading to a projected growth of 4.8%, a slight increase from the 4.6% recorded in the first quarter.

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The national economy is likely to record a growth of 4.8 percent during the second quarter of 2026, on an annual basis, driven mainly by the recovery of agricultural activity, the resilience of the services sector, and the continued dynamism of domestic demand.

While manufacturing industries are expected to see only a marginal increase of 0.3% due to subdued external demand affecting sectors like textiles and chemicals, the agricultural sector is set to be a major contributor, with an expected year-on-year increase of 20.5%. The services sector is also maintaining its upward trajectory, projected to grow by 4.3%, bolstered by thriving tourism and trade activities. Additionally, the construction sector appears to be entering a recovery phase after two quarters of weak performance.

This economic resilience is occurring within a context of gradually returning investment cycles. Public spending on infrastructure is expected to maintain its momentum, although corporate investment may experience a partial slowdown due to shrinking profit margins caused by rising production costs. Nevertheless, gross fixed capital formation is projected to advance by 9.4% annually. Household consumption is also set to strengthen by 4.7%, supported by increased spending around Eid al-Adha, improved incomes, particularly in rural areas, and growth in consumer loans, even amidst rising energy inflation.

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The continuation of the conflict in Iran during the second quarter of 2026 likely exacerbated disruptions in the global economy, affecting supply chains and maritime shipping costs simultaneously. In light of this international environment that limited any external support, national economic growth has shown tangible resilience, reaching a rate of 4.8 percent, compared to (plus 4.6) percent achieved in the first quarter.