Morocco’s economy is expected to post 4.8% year-on-year growth in the second quarter of 2026, driven mainly by a strong rebound in agriculture, resilient services activity, and sustained domestic demand, according to the High Commission for Planning (HCP).
In its latest report on the country's main economic indicators, the HCP said the continued conflict in Iran during the second quarter of 2026 likely intensified disruptions to the global economy, affecting supply chains and increasing maritime shipping costs.
"Against this international backdrop, which offered limited external support, Morocco’s economy demonstrated notable resilience, with growth projected at 4.8%, compared with 4.6% recorded in the first quarter," the report said.
The HCP noted that manufacturing activity is expected to record only modest growth of 0.3%, despite a recovery in the food processing industry and the continued momentum of the automotive sector. Weak external demand is expected to weigh on textile, chemical, and electrical manufacturing industries.
Meanwhile, the agricultural sector is forecast to remain the main driver of economic activity, expanding by 20.5% year-on-year. The services sector is expected to maintain its upward trajectory, growing by 4.3%, supported by stronger tourism and trade activities.
Construction is also expected to enter a recovery phase after two consecutive quarters of weak performance.
The HCP said the economy’s resilience reflects a gradual recovery in the investment cycle. Public spending on infrastructure is expected to remain robust, while business investment is likely to slow somewhat as higher production costs continue to squeeze corporate profit margins.
Gross fixed capital formation is projected to increase by 9.4% year-on-year, following growth of 10.8% in the first quarter.
Household consumption is also expected to strengthen, rising by 4.7%, despite higher energy inflation. The increase will be driven primarily by stronger spending linked to Eid al-Adha, improved household incomes, particularly in rural areas, and continued growth in consumer lending.
