In 2025, Morocco's Gross Domestic Product (GDP) experienced a robust real growth of 4.9%, following a previous increase of 4.4% in 2024. This acceleration is primarily attributed to a significant recovery within the agricultural sector, as detailed in the latest report from the High Planning Commission (HCP) concerning the preliminary national accounts for 2025. The growth occurred under a controlled inflation rate of 1.6% and sustained strong domestic demand, indicating resilience in the economy despite external pressures.
After enduring a severe drought in the preceding year, the primary sector witnessed a remarkable turnaround. The contribution of agriculture and forestry surged by 8.2% in real terms in 2025, rebounding from a contraction of 5.7% in 2024. However, this positive development was juxtaposed with a notable setback in the fishing industry, which experienced a 13% decline in activity after a previous gain of 8.8% the year before, highlighting the volatility in sectoral performance.
Sectoral Growth Dynamics and Challenges
Beyond agriculture, the broader economy showed signs of losing momentum, with non-agricultural activities' growth decreasing from 5.1% to 3.9%. In the secondary sector, which encompasses industry and construction, growth slowed to 3.3% from 3.8% in 2024. The construction industry reported a commendable growth of 6.7%, while the manufacturing sector stagnated at a mere 1.9%. The mining sector's growth also diminished to 7.5%, down from 11.5%, and the supply of electricity, gas, and water plummeted drastically, with growth falling to just 0.6% compared to 5.4% the previous year.
The services sector, too, faced a significant deceleration, expanding by only 4.3%, down from 5.6% the year prior. The HCP observed substantial slowdowns in transportation services, where growth was halved to 4.2%, and in financial and insurance services, which declined from 9.1% to 5.5%. The information and communication sector even slipped into recession with a contraction of 0.5%. On a brighter note, the hospitality and restaurant industries managed to maintain a growth rate of 7%, although this was still below the 8.4% recorded in the previous year.
On the demand side, a pronounced imbalance is evident. Household private consumption, a traditional economic pillar, fell sharply from 2.9% in the previous year to a meager 1.2%. Public administration consumption also experienced a slowdown, growing by only 5.1%. In contrast, gross investments emerged as a crucial growth driver, surging by an impressive 16.3% and comprising 33.6% of GDP.
However, this surge in investments has shifted macroeconomic balances. Despite an increase in national savings to 31.1% of GDP, it was insufficient to cover the high expenditure, resulting in a doubling of the financing needs of the Moroccan economy. The deficit escalated from 1.2% of GDP in 2024 to 2.5% in 2025, translating to a substantial shortfall of 42 billion Moroccan Dirhams (MAD).
On a more positive note, external trade provided some relief. The negative growth contribution from trade in goods and services diminished from -2.9 percentage points to -1.7 percentage points. Imports grew at a noticeably slower rate of 9% compared to 12.2% the previous year, while exports increased by 6.6%. Despite the overall solid growth in 2025, the significant decline in household purchasing power and the rapidly rising financing needs pose considerable challenges for Morocco's future fiscal and economic policies.
As reported by maghreb-post.de.
