Morocco's economic growth stood at 4% in the second quarter of 2026, according to the High Commission for Planning (HCP). This represents a decline from 5.8% growth recorded in the same period of 2025. The slowdown is attributed to a sharp decline in non-agricultural activities, which grew by 1.5% in Q2 2026, down from 4.9% in Q2 2025.
The agricultural sector recorded a significant increase, with a 21.2% rise in value added in Q2 2026, compared to 8.3% in Q2 2025. This strong growth in the agricultural sector helped offset the decline in non-agricultural activities. The overall expansion was mainly supported by national demand, while inflation remained contained. However, the HCP reported a widening financing need for the national economy.
The secondary sector, which includes industry, construction, electricity, and water activities, recorded the sharpest decline during the quarter. The sector's output fell by 3.9% in Q2 2026, compared to 5.8% growth in Q2 2025. This decline was mainly due to a 28.6% drop in extractive industries, which grew by 13.7% in Q2 2025. Manufacturing also declined by 3.2%, reversing the 4.3% growth recorded in Q2 2025.
The tertiary sector also slowed, although several activities recorded stronger growth. Financial services and insurance grew by 7.7%, compared to 5% in Q2 2025, while education, health, and social work services rose by 6.4%, compared to 6.3%. General public administration and social security services grew by 3.4%, compared to 2.8%, while information and communication activities increased by 1.9%, up from 0.3%.
The primary sector recorded strong growth of 20.9% in Q2 2026, compared to 7.6% in Q2 2025. Agricultural activity increased by 21.2%, up from 8.3%, while fishing activity rose by 15.9%, reversing an 8.5% contraction in Q2 2025. National demand increased by 5% in Q2 2026, down from 7.5% in Q2 2025, and contributed 5.6 percentage points to economic growth.
Foreign trade continued to make a negative contribution to economic growth during the quarter. Imports of goods and services increased by 9.1% in volume terms, compared to 12.1% in Q2 2025, resulting in a negative contribution of 4.7 percentage points to growth. Exports performed better, with growth accelerating to 7.6% from 3.6% in Q2 2025, contributing 3.1 percentage points to growth.
The HCP's report highlights the contrasting trends in Morocco's economic performance in Q2 2026. While the agricultural sector drove growth, non-agricultural activities and foreign trade weighed on the overall expansion. The slowdown in economic growth may have implications for Morocco's economic outlook and policy decisions.
Key points
- Morocco's economic growth slowed to 4% in Q2 2026 due to a decline in non-agricultural activities.
- The agricultural sector recorded a significant increase of 21.2% in Q2 2026.
- Foreign trade made a negative contribution to economic growth, with imports increasing by 9.1% and exports growing by 7.6%.
