Morocco's national savings rate has declined to 30.6% of GDP in the second quarter of 2026, according to the Haut-Commissariat au Plan (HCP). This represents a decrease from 31.1% in the same quarter of 2025. The HCP's note on the national economic situation attributes this decline to various factors, including changes in consumption and income.
The HCP reports that the consumption of final goods and services in Morocco increased by 5% in value during Q2 2026, compared to 3.5% in Q2 2025. This rise in consumption has contributed to the decline in the national savings rate. The HCP's data also shows that the GDP at current prices increased by 4.4% in Q2 2026, down from 7.5% in the same quarter of 2025.
The HCP notes that the national income available for spending and saving has grown by 4.4% in Q2 2026, compared to 7% in Q2 2025. This growth is attributed to a 4.4% increase in net income received from abroad, reversing a 0.3% decline in the previous year. These changes have impacted the country's savings rate.
The HCP's data also provides insights into Morocco's investment trends. In Q2 2026, the gross investment, which includes fixed capital formation, changes in stocks, and acquisitions of valuables, accounted for 35.6% of GDP. This has resulted in a financing need of 5% of GDP.
The decline in Morocco's national savings rate has implications for the country's economic growth and development. A lower savings rate may limit the country's ability to invest in infrastructure, education, and other sectors that drive economic growth. The HCP's data suggests that the country's economic growth has slowed down, with a 4% growth rate in Q2 2026.
The HCP's report also highlights the trends in Morocco's economic sectors. The services sector is expected to experience growth, with 50% of service sector managers anticipating an increase in activity. However, the industrial sector has seen a decline in production, and the construction sector is expected to experience a slowdown.
The decline in Morocco's national savings rate to 30.6% of GDP in Q2 2026 raises concerns about the country's ability to achieve sustainable economic growth. The HCP's data suggests that the country's economic growth has slowed down, and the savings rate has declined. The government and policymakers will need to address these challenges to ensure sustainable economic growth.
Key points
- Morocco's national savings rate declined to 30.6% of GDP in Q2 2026.
- The country's consumption of final goods and services increased by 5% in value during Q2 2026.
- The gross investment accounted for 35.6% of GDP in Q2 2026, resulting in a financing need of 5% of GDP.
