Morocco: Cement Sales Decline by 5.3% Despite Signs of Recovery in the Second Quarter
The Moroccan construction and public works sector continues to experience a slowdown in activity. According to the latest economic data, cement sales, a primary indicator of the sector’s dynamics, recorded a 5.3% decline by the end of May 2026 compared to the same period the previous year.
A Decline in Activity Since the Beginning of the Year
Following a 9.5% increase observed during the same period in 2025, cement sales this year show a significant downturn, reflecting a slowdown in construction sites and construction activity during the early months of 2026.
However, indicators for the second quarter suggest a gradual improvement. Sales increased by 1.9% in April and May, following a sharp contraction of 10.9% recorded in the first quarter.
Real Estate Loans Continue to Rise
Despite the decrease in activity within the construction sector, real estate financing continues to show signs of resilience. Housing loans have risen by 3% year-on-year, confirming sustained demand from households.
The total outstanding amount of real estate loans reached 325.7 billion dirhams, up 3.6% from the previous year. This trend reflects the ongoing confidence of banking institutions in the sector and the persistence of real estate investments.
Cautious Outlook for Recovery
While sector performance remains below the levels recorded in 2025, the initial signs of recovery observed in the second quarter could herald a gradual improvement in activity in the coming months, provided that the momentum of investment and real estate financing continues.
