Morocco’s economy is showing signs of broad recovery across agriculture, industry, tourism, and household spending, according to the Ministry of Economy and Finance’s May 2025 economic outlook.
The primary sector, agriculture and fisheries, posted strong gains, with cereal output for the 2024–2025 season estimated at 44 million quintals, up 41% from last year.
Coastal and traditional fishing also saw a 2.5% rise by April’s end.
Industrial activity remained upbeat, with manufacturing capacity use at 78.1% and raw phosphate output rising 11.9%.
Electricity production increased 5%, and cement sales, an indicator of construction, jumped 10.3%.
Tourism rebounded sharply, with 1 million more visitors pushing arrivals to 5.7 million by April. Travel revenues rose 2.4%, and air passenger traffic surged 16.4% in Q1.
Telecoms also trended upward, with mobile and internet subscribers increasing 3.9% and 4.1%, respectively. Household consumption remained supported by inflation control (0.7% in April), consumer credit growth (up 1.9%), and ongoing purchasing power support measures.
Remittances from Moroccans abroad reached 26.2 billion dirhams by March, while the labor market added 319,000 paid jobs in Q1. Investment momentum continued, backed by strategic projects and a 15.7% rise in public capital expenditure (to 34.9 billion dirhams).
FDI revenues rose 24.6%, and imports of capital goods and equipment loans increased 6.1% and 18.1%, respectively.
However, the trade deficit widened 16.9%, as imports (+6.9%) outpaced exports (+1.5%), mainly due to a surge in consumer goods, food products, and machinery. The coverage rate fell to 61.8%.
Foreign reserves remain stable, covering 5 months of imports. But the budget deficit widened to 17.5 billion dirhams by April, driven by a 25.8% increase in total spending that outpaced revenue growth (+17.1%).
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