Moroccan Economy Expected to Grow 3.8% in Q2 2025
According to the High Commission for Planning (HCP), the Moroccan economy is expected to continue its growth momentum in the second quarter of 2025, with a projected growth rate of 3.8%. This growth is driven by the recovery of the agricultural sector, the good health of services, and sustained domestic demand.
At the beginning of 2025, the most dynamic sectors were services (notably hospitality), extractive industries, and construction. Agriculture is expected to have grown by 3.1%, while the manufacturing industry slowed down due to an unfavorable global commercial context.
Household consumption, stimulated by salary increases and a decrease in income tax, is expected to have risen by 4.5%, despite an inflation rate of 2.2%, driven by food prices.
On the monetary front, Bank Al-Maghrib continued its easing policy by lowering its benchmark rate to 2.25% in March. The money supply increased by 6.5%, supporting banking liquidity. The dirham appreciated against the euro (+4.2%) and the dollar (+1.1%).
For the second quarter of 2025, growth is expected to remain solid, although risks persist, particularly related to global trade tensions and American tariff policies. Fitch Solutions predicts a more pronounced acceleration in the medium term, with 5.5% growth possible in 2026 thanks to investments and projects related to the 2030 World Cup.
