Morocco’s economy grew by 4% in the second quarter of 2026, down from 5.8% during the same quarter of 2025, according to the latest national accounts published by the High Commission for Planning (HCP).
“This development reflects contrasting sectoral trends. Growth in non-agricultural activities slowed sharply from 4.9% to 1.5%, while the agricultural sector accelerated, with its value added rising by 21.2%, compared with 8.3% a year earlier,” the HCP said in its information note on the national economic situation in Q2 2026.
Supported mainly by domestic demand, this growth came against a backdrop of contained inflation and a worsening financing need for the national economy, according to the HCP.
Value added in the primary sector rose sharply by 20.9% in Q2 2026, driven by increases of 21.2% in agricultural activity and 15.9% in fishing.
The value added of the secondary sector in volume terms, adjusted for seasonal variations, contracted by 3.9% in the second quarter of 2026, after growing by 5.8% during the same quarter a year earlier.
This sharp decline resulted from a combined drop in the value added of extractive industries, which fell by 28.6% compared with a 13.7% increase a year earlier, and manufacturing industries, which declined by 3.2% after rising by 4.3%. It also reflected slower growth in construction, which fell to 2.8% from 7.6%, as well as in electricity and water, which slowed to 1.9% from 3.8%.
As for the tertiary sector, its value added growth slowed to 4% in Q2 2026 from 4.5% during the same quarter of the previous year.
At current prices, gross domestic product (GDP) rose by 4.4% in Q2 2026, while the general price level slowed to 0.4%.
