Morocco’s GDP growth accelerates to 4.8% in first quarter 2025

Morocco’s economy confirmed its recovery momentum in 2025, with gross domestic product growing 4.8% in the first quarter compared to 3% in the same period last year, according to the High Planning Commission (HCP).

The strong performance reflects marked progress in non-agricultural sectors and recovery in agricultural activity, driven by sustained growth in domestic demand. Non-agricultural activities increased 4.6%, supported by secondary sector revival that recorded 4.5% growth thanks to robust construction and public works performance (+6.3%), electricity and water (+5%), and manufacturing industries (+3.4%).

The tertiary sector progressed 4.7%, notably driven by accommodation and restaurant services (+9.7%) and public services (+5.3%). This broad-based growth demonstrates the economy’s diversified expansion across multiple sectors.

Agriculture, long penalized by drought conditions, began recovering with 4.5% value-added growth, reversing last year’s 5% decline. However, fishing recorded a slight 0.3% decrease. Overall, the primary sector achieved 4.3% growth, breaking from previous year’s decline.

The HCP attributed this momentum to strong domestic demand progression, which grew 8% and contributed 8.5 percentage points to overall growth. Household consumption increased 4.4%, while gross investment surged 17.5% after more modest 4.9% growth in 2024. Public consumption slightly slowed from 5.5% to 5.2%.

External trade created headwinds for growth, contributing negatively by 3.8 percentage points due to imports rising faster (+9.8%) than exports (+2.2%). This external balance deterioration weighs on recovery momentum despite positive investment orientation.

GDP in nominal terms increased 6.9%, reflecting inflation deceleration to 2.1% from 3.8% in the first quarter of 2024. The national savings rate declined slightly from 27.6% to 26.8% of GDP, while gross investment reached 28.8% compared to 26.6% previously.