Morocco’s national savings rate climbed to 29.7% of gross domestic product during the third quarter of 2025, up from 28.7% one year earlier, according to the High Commission for Planning in its economic situation report.
This evolution reflects slowing final national consumption in value terms, which progressed 5% instead of 6.1% in Q3-2024, the commission specified. The savings rate improvement demonstrates Moroccan households and institutions retaining larger income portions rather than directing them toward immediate consumption, potentially indicating economic uncertainty or delayed spending decisions.
With increased net income received from abroad rising 14.5% instead of 0.5%, gross national disposable income grew, though at a moderated pace, increasing 6.2% during Q3-2025 compared to 8.2% in the corresponding previous year period. This income stream includes remittances from Moroccan diaspora communities and investment returns from abroad, both significant contributors to national economic capacity.
Gross investment reached 32.6% of GDP against 31% during the same quarter of the previous year, reflecting continued capital formation across Morocco’s economy. Investment encompasses both public infrastructure projects and private sector capital expenditures, indicating ongoing economic development efforts despite challenging conditions. Public investments in transportation, energy, and social infrastructure combine with private sector manufacturing, services, and technology investments.
However, national economy financing needs worsened, moving from 2.3% of GDP to 2.9%. This financing gap represents the difference between investment requirements and domestic savings capacity, necessitating external resource mobilization through foreign direct investment, international borrowing, or development assistance. The widening gap suggests investment growth outpaces savings accumulation, common during development acceleration phases but requiring careful management to maintain macroeconomic stability and avoid excessive external dependence.
Morocco’s challenge involves balancing investment-driven growth with sustainable financing while maintaining fiscal discipline and avoiding debt accumulation threatening long-term economic health.
