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Morocco’s inflation rate has remained subdued in 2026, with average price growth limited to 0.3% during the first eight months of the year. The slowdown is expected to continue through the end of 2026 before inflation picks up in 2027, when Bank Al-Maghrib forecasts a rate of 1.5%, mainly as the impact of favorable harvests on food prices fades.

Domestic demand contributed 5.6 percentage points to national economic growth in the second quarter, while household consumption accelerated compared with the same period in 2025.

Agriculture accelerated sharply while non-agricultural activities recorded a marked slowdown compared with the same quarter of 2025.

Food prices increased 0.9% over the month, while underlying inflation rose 0.2% from July and 0.1% year-on-year, according to an HCP publication.

HCP data shows a monthly drop in consumer prices, while the index also fell 0.6% compared with July 2025.

Morocco’s sharp decline in the unemployment rate—from 13% at the end of 2025 to 9.5% in the second quarter of 2026—does not reflect a surge in job creation. Instead, it is primarily the result of a methodological overhaul introduced by the High Commission for Planning (HCP), which has adopted a new generation of labor market surveys.

Morocco added 279,000 paid jobs in the second quarter of 2026, bringing the total number of people in paid employment to 10.643 million, according to the High Commission for Planning (HCP).

The High Commission for Planning expects Morocco’s economy to maintain strong momentum next year, driven largely by a sharp rebound in agricultural activity, before growth slows in 2027.

After the start of the year was marked by international geopolitical tensions and a slowdown in traditional industrial activity, Morocco’s economy is gradually regaining momentum. According to the High Commission for Planning (HCP), growth is expected to reach 5.4% in the third quarter of 2026, supported by the strength of the agricultural sector, although external imbalances and geopolitical uncertainties continue to weigh on the economic outlook.