Morocco’s economy gathered pace in the second quarter of 2025, delivering a solid growth rate of 5.5%, according to the latest report from the High Commission for Planning (HCP). This marks a strong rebound from the 3% growth recorded during the same period last year, with both agricultural and non-agricultural sectors contributing significantly to the upturn—each rising by 5.5% and 4.7% respectively.
The secondary sector, in particular, showed strong momentum. Construction and public works grew by 6.7%, manufacturing industries by 6.9%, and utilities—specifically electricity and water—posted an 8.9% increase. Meanwhile, the mining sector, though still growing, slowed considerably to 10.9%, down from a dramatic 20% surge a year earlier.
The services sector also continued its recovery, driven by a 10.5% boost in hospitality and food services, a 4.8% rise in public services, and a 4.4% increase in retail and repair activities. These gains suggest growing consumer activity and ongoing normalization in key service industries after recent slowdowns.
In agriculture, a return to growth was notable, with output rising 4.7% following last year’s 4.4% contraction. However, the fishing industry remained under pressure, contracting by 7.7%, continuing its downward trend.
Overall, seasonally adjusted GDP grew by 5.5% in real terms. At current prices, the expansion reached 7.8%, reflecting a cooling of inflation to 2.3%, down from 3.9% a year ago.
Domestic demand remains the primary engine of growth. Household consumption rose by 5.1%, while government spending increased by 6.5%. Gross investment surged by 18.9%, representing 32.5% of GDP. Altogether, internal demand contributed 9.9 percentage points to the overall growth rate, underscoring its dominant role in the current economic cycle.
However, external trade continues to weigh negatively on growth. Imports climbed by 15.7%, outpacing the 8.5% increase in exports. As a result, net trade dragged down GDP growth by 4.4 percentage points.
Lastly, the country’s financing gap is widening. National savings climbed slightly to 29.3% of GDP, up from 28.4% last year. Yet, this remains well below the investment level, pushing Morocco’s financing need to 3.2% of GDP—double the 1.6% recorded in the previous year.
