Morocco’s economic growth edged down slightly to 4.1% in the fourth quarter of 2025, compared to 4.2% during the same period a year earlier, according to the High Commission for Planning (HCP).
In its latest note on the national economic situation, the HCP said the marginal slowdown reflects weaker performance in non-agricultural activities, despite a notable recovery in the agricultural sector.
Non-agricultural activities grew by 4% in Q4 2025, down from 4.8% a year earlier, weighed down by slower momentum across several key sectors. In contrast, agricultural activity rebounded strongly, recording a 4.7% increase after contracting by 4.8% in the fourth quarter of 2024.
Overall growth during the period was mainly driven by domestic demand, supported by a context of controlled inflation, although accompanied by rising financing needs across the national economy.
Sectoral data show that the secondary sector recorded a slight deceleration, with growth standing at 3.5% on a seasonally adjusted basis. This was largely due to a contraction in mining activity, which declined by 3.4%, alongside slower growth in construction and public works, which rose by 4.9% compared to 6.9% previously, and in electricity and water activities, which increased by 2.7% after 7%.
However, manufacturing industries showed improved performance, with growth accelerating to 4.1%, up from 2.4% a year earlier.
The tertiary sector also experienced a slowdown, with growth easing to 4.4% from 5.4% in Q4 2024. This trend was driven by weaker expansion across several service activities, including financial and insurance services (6.6%), education, health and social services (6.5%), accommodation and food services (4.8%), transport and storage (4.3%), research and development and business services (3.3%), as well as trade and vehicle repair (3.1%).
As a result, the overall value added of non-agricultural sectors slowed to 4%, compared to 4.8% in the same quarter of the previous year.
Meanwhile, the primary sector posted a notable recovery, with growth reaching 3.9% in Q4 2025, compared to a 4.7% contraction a year earlier. This improvement was mainly driven by the rebound in agricultural activity, although it was partly offset by a sharper decline in fishing, which fell by 13.6% after a 1.9% decrease in the same period of 2024.
At current prices, Morocco’s GDP rose by 6.8% in Q4 2025, down from 9.1% a year earlier. This reflects a slowdown in the overall price level, with inflation easing to 2.7%, compared to 4.9% in the fourth quarter of 2024.
