Morocco: Stable Economic Growth Expected by the End of 2025 Driven by Services
Economic Outlook for Morocco: Growth Sustained in Q4 2025
According to the HCP (High Commission for Planning), Morocco’s economic activity maintained a favorable trend in Q4 2025, with an estimated growth rate of 4%. This performance is primarily supported by the robustness of the internal economic drivers, particularly the services sector, and a sustained demand from businesses, bolstered by favorable financing conditions and improved financial results.
Increase in Investment and Consumption
Public spending on infrastructure contributed to an impressive 11.2% increase in investment during the fourth quarter. Household consumption continued to rise, reaching +3.8%, driven by sustained budgetary measures to enhance purchasing power, increases in nominal wages, and easing inflationary pressures.
Impact of External Demand and the Role of Services
However, the national economy was affected by a slowdown in external demand in secondary sectors. This decline was partially offset by strong performance in service exports, notably facilitated by the organization of the Africa Cup of Nations (CAN). Increased visitor spending invigorated sectors such as accommodation, dining, transportation, and recreational services.
Foreign Trade and Balance of Trade
Overall, exports of goods and services increased by 5.3% in Q4 2025, following an 8.2% rise in the previous quarter. Meanwhile, imports experienced a slowdown, which limited the negative impact of foreign trade on growth to -3.3 points, compared to -4.3 points in the third quarter.
