Morocco’s national economy grew by 5.5% in the second quarter of 2025, marking its highest rate since the post-Covid recovery phase in 2021, according to the High Commission for Planning (HCP).
This performance was accompanied by a more moderate improvement in labor market conditions, with paid employment rising by 1.4% year-on-year, compared with +3.4% in the first quarter, the HCP noted in its economic outlook report for Q2-2025 and projections for Q3 and Q4-2025.
Service and industrial enterprises largely favored an adjustment based on productivity gains rather than new hires, in a context marked by a slight increase in labor costs, particularly for workers paid the guaranteed minimum wage.
The recovery in growth was also accompanied by a greater financing need. Budget revenues increased, both in indirect taxes and corporate income tax, reflecting a broader base due to the rebound in activity.
Expenditures, especially on employee compensation, were particularly strong (+10.8%), resulting in higher financing requirements for public administrations.
Taking into account the rising investment-related financing needs of businesses, the overall financing requirement of the national economy widened to -3.2% of quarterly GDP, compared with -2% a quarter earlier.
According to the HCP, the current growth cycle of the national economy has lasted more than six consecutive quarters, with non-agricultural activity expanding by an average of 4.8% year-on-year per quarter.
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