Head of governemnt Aziz Akhannouch said the government was revising its 2026 growth forecast upward to 5.2% and targeting average inflation of about 2% over 2027–2029, as it launched budget planning for the next three years against a backdrop of global uncertainty.
In a circular on the preparation of the 2027 finance bill and the 2027–2029 multi year budget framework, Akhannouch said the higher 2026 growth outlook reflected current economic conditions, stronger sector signals and expectations for a cereal harvest well above the assumption used in this year’s budget law.
He said non farm activity was also expected to remain resilient, pointing to sector indicators including higher cement sales and tourist arrivals that reached nearly 19.8 million by the end of 2025.
Akhannouch added that remittances, travel receipts and foreign direct investment had helped lift foreign exchange reserves to more than 442 billion dirhams at the end of 2025, equivalent to over five months and 23 days of imports.
The government’s new growth estimate is slightly below Bank Al Maghrib’s latest forecast of 5.6% for 2026, published after the central bank kept its benchmark rate unchanged at 2.25% this week.
The central bank said the stronger outlook was largely tied to improved agricultural output after favourable weather conditions.
Akhannouch said Morocco expected average growth of 4.2% a year over 2027–2029, while maintaining inflation near 2%, preserving the budget deficit at around 3% of gross domestic product and putting treasury debt on a downward path toward about 63% of GDP by 2029.
He said the projections were conditioned by volatile food and energy prices, cautious monetary policy and risks linked to the Middle East conflict, including poss
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