Morocco’s economy grew 4% in real terms in the second quarter of 2026, supported by a sharp expansion in agriculture and stronger domestic demand, according to the High Commission for Planning (HCP). The growth came despite a contraction in the secondary sector and slower growth in services.
The primary sector recorded the strongest performance, with value added rising 20.9%. Agricultural value added increased 21.2%, while fishing activities expanded 15.9%, making both sectors significant contributors to the quarter’s economic performance.
Elsewhere, the picture was more subdued. The secondary sector’s value added fell 3.9% in real terms after adjustment for seasonal variations, while growth in the services sector slowed to 4%, the HCP said.
Domestic demand increased 5%, contributing 5.6 percentage points to economic growth. Total investment, which includes fixed capital formation, changes in inventories and net acquisitions of valuables, grew at a slower pace of 6.8%, contributing 2.4 percentage points to growth.
Foreign trade weighed on the overall expansion, as imports of goods and services rose 9.1% in volume, outpacing export growth of 7.6%. The figures highlight the role of domestic demand in supporting economic activity during the quarter.
At current prices, gross domestic product increased 4.4%. The HCP reported that the rise in the overall price level, as measured through the GDP figures, slowed to 0.4%, indicating that most of the economy’s nominal expansion reflected growth in real output.
National savings stood at 30.6% of GDP, while the economy’s financing requirement widened to 5% of GDP. The figures point to a quarter marked by strong agricultural growth and expanding domestic demand, alongside weakness in the secondary sector and a larger financing gap.
