Morocco’s industrial sector operated in a broadly stable environment in the second quarter of 2026, with generally steady access to bank financing and a business climate most companies described as normal, according to the latest quarterly survey by the central bank, Bank Al-Maghrib.
Seventy-one percent of industrial firms rated the general business climate as normal and 19 percent as unfavorable, with the chemicals sector the most optimistic at 88 percent normal, followed by textiles and leather and agri-food, both around 63 percent, while 68 percent of mechanical and metallurgical firms rated conditions normal and a further 21 percent even called them favorable.
Supply conditions were rated normal by 79 percent of companies overall, while workforce levels held broadly steady, with 77 percent of firms reporting stable employment and 17 percent reporting declines, concentrated mainly in agri-food and mechanical and metallurgical firms; looking to the third quarter, companies anticipate a broad decline in headcount, notably in chemicals and textiles, while mechanical and metallurgical firms expect gains.
Unit production costs stagnated for 49 percent of companies and rose for 37 percent, with the sharpest cost pressure reported in agri-food, at 61 percent, and textiles and leather, at 51 percent. Cash flow conditions were described as normal by 85 percent of firms overall, while access to bank credit was rated normal across most sectors and easy in textiles and leather and in mechanics and metallurgy.
Investment spending rose in most sectors during the quarter, with the exception of textiles and leather, where it declined, and was financed 70 percent through companies’ own funds and 30 percent through bank credit. Industrial firms expect investment to keep rising over the next three months across nearly all sectors, with textiles and leather the lone exception, where spending is expected to stagnate.
