Bank Al-Maghrib is projecting a stronger economic outlook for Morocco over the next few years, signaling renewed momentum across key sectors. According to figures presented during its third quarterly meeting, national GDP is expected to grow by 3.8% in 2024, accelerating to 4.6% in 2025 before settling slightly at 4.4% in 2026.
A major contributor to this growth will be the agricultural sector, which is forecast to make a robust comeback. After several challenging seasons, value added in agriculture is set to rise by 5% next year, buoyed by an estimated cereal output of 41.3 million quintals. By 2026, harvests are expected to reach 50 million quintals, with the sector maintaining a healthy growth rate of 3.2%.
Meanwhile, non-agricultural sectors are projected to sustain a steady pace of expansion, driven largely by continued infrastructure investment. These areas of the economy are expected to grow by around 4.5% annually in both 2025 and 2026, reflecting increased activity in construction, services, and industry.
Against this backdrop, Bank Al-Maghrib has decided to keep its benchmark interest rate unchanged at 2.25%. The central bank emphasized that it will continue to implement measures aimed at easing access to credit, with a particular focus on supporting micro and small enterprises that often face financing constraints.
These projections paint an optimistic picture for Morocco’s near-term economic future, underpinned by a combination of improved agricultural yields and strategic investment in long-term development sectors.
