Morocco’s economy expanded by 4.8 percent in year-on-year terms in the second quarter of 2026, an acceleration from the 4.6 percent recorded in the first quarter, according to the High Commission for Planning’s most recent economic conditions note. The growth was achieved despite a challenging international environment characterized by the continuation of the Iran conflict, which disrupted global supply chains and raised maritime transport costs while limiting the positive contribution that external demand might otherwise have provided.
Agriculture was the primary engine of the quarter, recording value-added growth of 20.5 percent year-on-year, reflecting the exceptional cereal harvest. Services maintained their upward trajectory at 4.3 percent, driven by the continued strength of tourism activities and the commercial sector. The construction sector began recovering after two consecutive quarters of below-trend performance.
Manufacturing was the main weak spot. Despite improvement in the agri-food processing and automotive subsectors, total manufacturing value-added grew by only 0.3 percent as the textile, chemical and electrical industries contracted under the pressure of weaker external demand from Morocco’s principal export markets.
Domestic demand continued to hold the economy together. Household consumption rose 4.7 percent despite energy price pressures, supported by three concurrent factors: a recovery in Aïd Al-Adha spending relative to 2025 (when the Royal call not to perform the sacrifice significantly reduced consumption), improved rural incomes linked to the agricultural rebound, and continued growth in household credit. Gross fixed capital formation grew 9.4 percent, easing from the 10.8 percent of the first quarter as business investment edged back slightly due to margin compression from rising input costs.
The HCP projects the growth rate will accelerate to 5.4 percent in the third quarter of 2026, as the summer tourism season adds momentum and the agricultural impetus continues to be felt across the supply chain. The progression confirms Morocco’s capacity to generate resilient domestic-driven growth under unfavourable external conditions, and provides a solid platform for the second half of the year.
