Morocco’s economy delivered a mixed performance in the second quarter of 2025, with non-financial market services showing solid momentum while the wholesale trade sector remained largely flat. That’s according to the latest quarterly survey from the High Commission for Planning, which paints a picture of stability overall—though the details reveal sharp contrasts across industries.
Business activity in the services sector proved to be a key driver, with nearly two-thirds of companies—64%—reporting increased output between April and June. Only 15% experienced a slowdown. The strongest gains came from telecom companies, logistics services, and both air and ground transportation providers. But that strength wasn’t shared across the board. Real estate services, advertising, market research, and maritime transport all posted weaker results, signaling pressure in some corners of the economy.
Order volumes largely mirrored these trends. A majority of service providers—69%—said their order books were at normal seasonal levels, while nearly a quarter reported lower-than-usual demand. Capacity utilization held at 77%, a level that suggests businesses remained relatively busy. Labor demand also edged upward, with 32% of service-sector employers expanding their teams during the quarter.
Looking ahead to the third quarter, businesses are approaching the future with measured optimism. About 41% of firms expect conditions to improve, while 37% anticipate no change. Only 22% foresee a decline. Demand is expected to hold steady for nearly half of all companies surveyed, and 38% believe it will rise. Hiring plans are modest but positive—more than a quarter of businesses say they intend to recruit.
The wholesale sector, by contrast, continued on a more subdued path. Activity remained stable for 63% of operators, while 27% saw a pickup in business. The gains were led by industrial equipment and certain specialized product lines. However, other segments lost ground—particularly in communication equipment and raw agricultural products, including livestock, where sales declined.
On the employment front, little movement was observed. A striking 92% of wholesale businesses reported no changes in staffing. Inventory levels were mostly in line with seasonal expectations, according to 83% of respondents. When it came to pricing, 65% of wholesalers kept prices steady, though 31% said they had to make cuts.
