The national accounts for the first quarter of 2026 show that Morocco’s economy maintained a robust growth rate of 4.6%, following a 5% expansion in Q1 2025, according to the High Commission for Planning (HCP).
This performance reflects a slight slowdown in economic activity, mainly attributable to the decline in secondary sector activities, which was largely offset by the strong growth in agricultural value added, the HCP said in its information note on Morocco’s economic situation in Q1 2026.
“This performance reflects contrasting sectoral trends. Non-agricultural activities saw their growth slow from 4% to 2.6%, while agricultural value added surged by 18.4%, compared with 8.1% a year earlier, thereby supporting overall growth,” the same source notes.
The value added of the primary sector rose sharply by 17.3% in Q1 2026, driven by a strong increase in agricultural activity (+18.4%) and a decline in fishing activity (-1.9%).
As for the value added of the secondary sector in volume terms, seasonally adjusted, it declined by 1%, reflecting decreases in the value added of electricity and water activities (-3.4%), extractive industries (-3.2%), and manufacturing industries (-1.3%), as well as a slowdown in construction activity to 1.5%, down from 7.1%.
Regarding the value added of the tertiary sector, its growth rate decelerated to 4.3% in this quarter, compared with 4.5% in the same period of the previous year.
At current prices, gross domestic product (GDP) increased by 5.7% in Q1 2026, reflecting a slowdown in the overall price level to 1.1%.
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