Moroccan industrialists forecast activity improvement despite sectoral disparities
Moroccan industrialists anticipate business activity improvement over the next three months, according to Bank Al-Maghrib’s September 2025 business survey, though expectations vary significantly across sectors.
Forecasts indicate anticipated production and sales increases across most industrial branches, with exceptions in textile-leather facing stagnation expectations and chemicals-petrochemicals anticipating production declines. For September itself, the survey recorded overall improvement marked by production and sales progression across most sectors, excluding agribusiness and chemicals-petrochemicals.
The capacity utilization rate reached 80%—considered comfortable relative to recent trends—while sales advanced in both domestic and export markets. However, orders remain stagnant, with order books below normal levels across most industrial sectors.
According to a recent Bank Al-Maghrib survey covering the second quarter, 71% of industrial companies described business climate as normal, with only 16% considering conditions unfavorable. The textile-leather industry showed strongest confidence at 89% reporting normal conditions, followed by chemicals-petrochemicals at 75%. The agribusiness sector faced greater challenges, with just 67% describing conditions as normal while 22% found them unfavorable.
A subsequent survey published this week indicated 61% of business owners expect sales stagnation in coming months, suggesting cautious optimism tempered by economic uncertainty. Only 24% anticipate higher sales while 3% foresee declines. Production forecasts reveal similar trends, with most companies expecting steady output despite capacity utilization improvements.
Despite challenges, supply chain conditions remained smooth, with 87% of industrial firms reporting normal supply situations. Staffing levels stayed largely unchanged across sectors, with 78% maintaining stable workforces while 18% increased employee numbers, demonstrating sector resilience amid uncertain global economic conditions.