According to a report by Bank Al-Maghrib (BAM), 69% of Moroccan industrialists described the general business climate as "normal" in the third quarter (Q3) of 2026. Meanwhile, 22% of industrialists considered the climate to be "unfavorable". The survey also revealed variations across different sectors, with 19% of the "chemical and parachemical" industry and 25% of the "agro-food" industry reporting an unfavorable climate.
The BAM survey showed that 60% of industrialists in the "mechanical and metallurgical" sector described the business climate as "normal", while 27% considered it "favorable". In terms of supply conditions, 81% of companies reported "normal" conditions, while 17% faced "difficult" conditions. The "mechanical and metallurgical" sector had the highest proportion of companies reporting normal conditions at 90%.
The survey also found that 64% of industrialists reported no change in employment levels, while 22% reported a decrease. The "mechanical and metallurgical" sector had the highest proportion of companies reporting stable employment levels at 83%. In contrast, the "agro-food" sector reported a 33% increase in employment levels.
Looking ahead to the fourth quarter of 2026, industrialists expect a decline in employment levels across all sectors. The survey also found that production costs increased in all sectors, with 57% of companies reporting a rise. The "textile and leather" sector had the highest proportion of companies reporting increased costs at 58%.
The survey revealed that 84% of companies reported a "normal" cash situation, while 14% faced difficulties. The "mechanical and metallurgical" sector had the highest proportion of companies reporting a normal cash situation at 86%. In contrast, the "agro-food" sector reported a 22% rate of difficult cash situations.
The survey also examined access to bank financing, with companies generally reporting "normal" access. However, the "agro-food" sector reported difficulties, while the "textile and leather" sector found access to be "easy". The cost of credit was reported to be stable by 90% of companies, with 9% reporting an increase.
Finally, the survey found that investment spending increased in all sectors except "textile and leather", where it declined. Companies financed their investments primarily through their own funds (75%) and to a lesser extent through credit (25%). Industrialists expect investment spending to increase in all sectors except "textile and leather" over the next three months.
Key points
- 69% of Moroccan industrialists describe business climate as normal in Q3 2026
- 81% of companies report normal supply conditions in Q3 2026
- 57% of companies report increased production costs in Q3 2026
