Morocco’s economy is expected to grow by 4.4% in the third quarter of 2025, according to the High Commission for Planning (HCP).
This growth, though slightly slower, reflects the continuation of the recovery seen since late 2024, according to an information note on Q1-2025 economic conditions and the outlook for Q2 and Q3-2025
Domestic demand remains strong, contributing 6.6 points to GDP growth, while external demand is expected to remain weak due to global economic slowdown.
Non-agricultural activities are projected to grow by 4.2%, and inflation is expected to remain moderate at 1.1%, with core inflation at 0.8%, assuming stable food supply and declining oil prices, the same source adds.
In turn, new U.S tariffs tensions on European trade partners and a prolonged European slowdown could weigh on Moroccan exports, particularly in automotive, metallurgy, chemicals, and textiles. Agriculture may also be affected by summer heatwaves.
On the upside, stronger performance in agribusiness and continued chemical sector growth, along with lower oil prices, could help mitigate these risks.
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