Morocco’s economy expanded at a rate of 4.1% in the fourth quarter of 2025, a marginal deceleration from the 4.2% recorded during the same period in 2024, according to the latest national accounts data published by the High Commission for Planning (HCP). The slowdown was primarily driven by a softening in non-agricultural activities, even as the primary sector staged a notable recovery.
The secondary sector posted growth of 3.5%, compared to 3.7% a year earlier, weighed down by a contraction in mining activities (-3.4%) and a moderation in construction and public works (+4.9% versus +6.9%). Manufacturing industries, however, offered a bright spot, accelerating from 2.4% to 4.1% growth over the same period.
The tertiary sector also lost momentum, decelerating from 5.4% to 4.4%. Multiple service segments contributed to this trend, including financial services and insurance (6.6% versus 8.3%), accommodation and food services (4.8% versus 13.2%), and transport and logistics (4.3% versus 7.9%). On the other hand, the agricultural sector rebounded strongly, growing by 4.7% after having contracted by 4.8% in Q4 2024, though this was partially offset by a sharper decline in fishing activity (-13.6%).
Domestic demand remained the principal growth driver, contributing 6.8 percentage points to overall GDP expansion. Household consumption grew by 4.4%, while public administration spending rose 7.9%. Gross investment slowed from 12.3% to 8.5% growth, contributing 2.7 points. On the external trade side, both exports and imports decelerated, with the trade balance generating a negative contribution of 2.6 percentage points.
At current prices, GDP rose 6.8% in Q4 2025, with the pace of price increases easing to 2.7% from 4.9% a year earlier. The national gross disposable income grew by only 5.7%, reflecting a 9.3% drop in net income received from abroad. The national savings rate held steady at 30.8% of GDP, while the investment-to-GDP ratio rose to 33.4%, widening the economy’s financing gap to 2.6% of GDP.
