Morocco’s economic recovery is taking on a new dimension in 2026. After several years in which growth relied mainly on services and public investment, agriculture has regained a central role in wealth creation. This shift is significantly changing the composition of economic growth and confirms the cyclical nature of the national economy, which remains heavily influenced by climatic conditions.
According to the High Commission for Planning (HCP), the first quarter of 2026 marked a turning point, with gross domestic product (GDP) expanding by 4.6%, slightly above the level recorded at the end of 2025. This improvement came despite a particularly challenging environment. The report notes that secondary sectors, which had recorded ten consecutive quarters of growth, saw their value added decline by 1%, reflecting slower activity in mining, electricity, chemicals and construction.
This industrial slowdown could have weighed more heavily on overall economic activity. Instead, it was offset by the strong rebound of agriculture, which once again became the main engine of growth.
According to the report, the 2025-2026 agricultural season is one of the main factors behind the current recovery. More favorable rainfall during the winter led to an 18.4% increase in agricultural value added, bringing performance back to levels comparable with the strongest agricultural seasons of recent years.
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Beyond agricultural production itself, the recovery has generated broader spillover effects across the economy. The report notes that improved rural incomes directly boosted household consumption, which rose by 4.6%, compared with just 1.1% in the previous quarter. This trend was reflected in a sharp increase in orders received by wholesalers of agricultural and food products, signaling renewed consumer confidence.
The report says this illustrates a structural characteristic of Morocco’s economy: when agriculture performs well, it quickly stimulates trade, transport, services and other consumption-related activities.
Services remain the economy’s most stable pillar
While agriculture has become the main short-term driver of growth, services continue to provide the economy’s most stable foundation.
According to the HCP, value added in the tertiary sector increased by 4.3%, supported mainly by tourism, transport and trade. This steady performance reflects the growing importance of services within the national economy, helping cushion fluctuations affecting other sectors.
The report indicates that Morocco’s growth is now supported by a more diversified combination of factors than in the past. Tourism continues to generate foreign currency revenues, while trade is benefiting directly from strong domestic consumption.
According to the HCP, this evolution has strengthened the economy’s overall resilience to external shocks. However, the contrast remains pronounced across industrial sectors.
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The report notes that several traditional industries continue to feel the effects of the global slowdown, rising production costs and the substantial investments made in recent years, which have increased companies’ financing needs.
By contrast, the report highlights the resilience of emerging industries. The automotive and aerospace sectors posted growth of 5.9%, benefiting from relatively strong external demand. According to the HCP, this confirms Morocco’s gradual shift toward higher value-added industries that are more integrated into global production chains.
Another key finding of the report concerns the increasingly important role of domestic demand.
According to the HCP, domestic demand contributed 6.9 percentage points to first-quarter growth. Household consumption remained particularly strong, while gross fixed capital formation increased by 10.8%, driven by investment as well as inventory rebuilding.
The report notes, however, that businesses have begun to slow their spending on equipment, as higher production costs continue to put pressure on profit margins.
