Morocco’s domestic demand grew by 6.5 percent in the first quarter of 2026, a slight acceleration from the 6.4 percent recorded in the same period a year earlier, according to a note published by the High Commission for Planning (HCP) on the national economic situation in Q1 2026. The improvement in domestic demand contributed 6.9 points to national GDP growth, compared with 5.3 points in Q1 2025 — a meaningful increase that signals a strengthening of the internal growth engine.
The most notable shift was in household consumption, which grew by 4.6 percent — markedly faster than the 1.1 percent recorded in Q1 2025 — and contributed 2.6 points to overall growth versus 0.7 points a year earlier. This suggests that private spending, which had been constrained by cost-of-living pressures, is regaining momentum. Public administration final consumption also expanded at a faster pace, accelerating from 3.5 percent to 4.9 percent and contributing 0.9 points to growth.
Gross investment, which encompasses fixed capital formation, stock changes and net acquisitions of valuables, grew by 10.8 percent — a deceleration from the 19.6 percent posted in Q1 2025, but still a contribution of 3.4 points to GDP growth. The easing reflects a high base effect following an exceptionally strong investment performance in the prior year.
National savings rose to 31.4 percent of GDP in Q1 2026, compared with 29.5 percent a year earlier. This improvement reflects the combined effect of faster nominal GDP growth — which rose 5.7 percent at current prices — and a 23.8 percent increase in net income received from the rest of the world, including remittances. Gross national disposable income grew 6.8 percent, up from 5.9 percent in Q1 2025.
Gross investment represented 32.9 percent of GDP over the period, resulting in a residual external financing need of 1.5 percent of GDP. The data confirms the picture of an economy where domestic demand is becoming a more robust contributor to growth, even as external vulnerabilities linked to energy costs and the trade deficit continue to require monitoring.
