The Moroccan economy is exhibiting mixed signals as of August 2026, according to the latest note from the Direction des études et des prévisions financières (DEPF). The Treasury's gross fundraising efforts have decreased by 22% over the first eight months of the year. Conversely, the banking system's liquidity needs increased in August. In the real economy, cement sales have slightly declined, while air transport continues to grow.
The production of electricity in Morocco has increased by 2.5%, alongside a more sustained rise in consumption. The telecommunications sector has seen its mobile subscriber base stabilize around 58.8 million subscribers. The DEP's latest conjuncture note provides a snapshot of the Moroccan economy as it approaches the end of the third quarter. Financial markets show that the Treasury's financing needs have decreased compared to 2025, while banks face greater liquidity needs.
In terms of financial markets, the gross fundraising by the Treasury, including exchange operations, amounted to 78.4 billion dirhams over the first eight months of 2026, down by 22% year-over-year. This decrease mainly results from long-term maturities, which plummeted by 92.2% to 2.7 billion dirhams. Medium-term maturities, however, rose by 10.5% to 57.2 billion dirhams, accounting for 73% of the total. Short-term maturities grew by 27.1% to 18.5 billion dirhams.
The net fundraising by the Treasury stood at 14.3 billion dirhams, a decline of 53.1% year-over-year. The outstanding amount of Treasury bills issued by auction reached 801.6 billion dirhams as of August, up by 1.8% since the beginning of the year. Meanwhile, the banking system's liquidity needs averaged 132.3 billion dirhams per week in August, up from 125.7 billion dirhams in July.
The Central Bank, Bank Al-Maghrib, responded by increasing its weekly injections to an average of 150 billion dirhams, up from 144.1 billion dirhams the previous month. These interventions were primarily distributed among seven-day advances, one- and three-month pensions, and guaranteed loans related to programs supporting the financing of small and medium-sized enterprises.
In the building and public works sector, cement sales decreased by 1.1% over the first eight months of 2026, following a 10.4% increase over the same period in 2025. The trend varies by segment, with some areas showing resilience. The real estate market also shows signs of recovery, with an increase in property transactions.
The mixed trends in Morocco's economy reflect the challenges and opportunities in various sectors. While some areas like air transport and electricity production show growth, others like Treasury financing and cement sales face declines. The evolution of these trends will be crucial in shaping the country's economic outlook for the remainder of 2026 and beyond.
Key points
- Morocco's Treasury fundraising decreased by 22% over the first eight months of 2026.
- Electricity production in Morocco increased by 2.5% as of August 2026.
- The mobile subscriber base in Morocco stabilized around 58.8 million subscribers.
