Moroccan Economy Expected to Slow Down to 3.7% Growth in 2027
In an address delivered in Rabat, Morocco, on October 23, 2026, the Moroccan Minister of Economy and Finance, Fouzi Lekjaâ, announced a projected slowdown in the country’s economic growth rate, which is expected to decrease to 3.7% in 2027. This marks a decline from the anticipated growth rate of 4.7% for the current year. The minister presented the preliminary budget proposal for the upcoming fiscal year to the Moroccan Parliament, outlining key economic indicators and government objectives.
Minister Lekjaâ emphasized that the government's goal is not just to achieve a growth rate of 3.7%, but to ensure that this growth translates into more job opportunities, an increase in household incomes, and additional resources that will enable the government to fulfill its financial commitments. He also indicated that the budget proposal anticipates maintaining the budget deficit at approximately 3% of GDP.
Furthermore, Lekjaâ noted that the budget has been prepared under the expectation of a 4.7% growth rate for the Moroccan economy in 2026, driven by a 2.9% increase in non-agricultural activities and a robust recovery in the agricultural sector, projected to grow by 18%. He mentioned that the agricultural season of 2025-2026 yielded a substantial grain crop of 90 million quintals.
The economic outlook is set against a backdrop of ongoing international uncertainties, including rising geopolitical tensions, increased costs associated with conflicts, and growing protectionist trends that have led to disruptions in supply chains. In September, the Bank of Morocco predicted a slowdown in GDP growth to 4.4% for 2026, down from 4.9% in 2025, with a further reduction to 2.9% anticipated for 2027. Inflation rates are expected to remain modest, hovering around 0.7% in 2026 and rising to 1.5% in 2027.
Morocco's heavy reliance on energy imports, sourcing over 94% of its energy needs from abroad, places the nation at risk of fluctuations in global oil and gas prices. The current energy markets are experiencing significant volatility, partly due to the ongoing conflicts involving the United States, Israel, and Iran, which have disrupted shipping and supply lines in the region.
As reported by aa.com.tr.
