Morocco's economic growth reaches 4.1% in Q4 2025

National accounts for the fourth quarter of 2025 show a slight slowdown in Morocco’s economic growth to 4.1%, compared to 4.2% during the same period in 2024, according to the High Commission for Planning (HCP).

Non-agricultural activities recorded a slowdown, with growth at 4% instead of 4.8%, while the agricultural sector rebounded with a 4.7% increase, following a 4.8% decline, the HCP said in an information note on the national economic situation in Q4 2025.

This growth was driven by domestic demand, in a context marked by controlled inflation and increasing financing needs of the national economy.

In detail, the secondary sector posted a slight slowdown, with a 3.5% increase in volume, seasonally adjusted. This was mainly due to a decline in mining activities (-3.4%), a slowdown in construction and public works (+4.9% after +6.9%), and in electricity and water activities (+2.7% after +7%).

On the other hand, manufacturing industries showed improvement, with growth rising from 2.4% to 4.1%.

The tertiary sector also recorded slower growth, dropping from 5.4% in the same quarter of 2024 to 4.4% in this quarter.

This trend was marked by slower activity in financial and insurance services (6.6%), education, health and social services (6.5%), accommodation and food services (4.8%), transport and storage (4.3%), research and development and business services (3.3%), and trade and vehicle repair (3.1%).

As a result, the value added of the non-agricultural sector slowed to 4% in Q4 2025, compared to 4.8% a year earlier.

Meanwhile, the primary sector recorded a notable improvement, with growth rising to 3.9% in Q4 2025 instead of a 4.7% decline in the same period of 2024. This was driven by a recovery in agricultural activity (+4.7% after -4.8%), although partly offset by a sharper decline in fishing activity (-13.6% after -1.9%).

At current prices, GDP increased by 6.8% in Q4 2025, compared to 9.1% a year earlier, reflecting a slowdown in the overall price level to 2.7% from 4.9% in the same quarter of the previous year.