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Bank Al-Maghrib Highlights 4.9% Growth and Policy Shifts in 2025 Annual Report to King Mohammed VI
In a ceremony at the Royal Palace in Tétouan, Governor Abdellatif Jouahri delivered Bank Al‑Maghrib’s 2025 annual report to His Majesty King Mohammed VI. The report shows the Moroccan economy expanding at a robust 4.9% pace, inflation staying low at 0.8%, and a policy‑rate cut to 2.25%. While the labour market still faces a 13% unemployment rate, public finances improved with the budget deficit narrowing to 3.5% of GDP and foreign reserves rising to 443 bn MAD.
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Key Economic Highlights for 2025
GDP Growth: The Moroccan economy expanded by 4.9 % in 2025, driven mainly by strong investment activity.
Inflation: Consumer price growth stayed modest, averaging 0.8 % throughout the year.
Monetary Policy Update
Bank Al‑Maghrib maintained an accommodative stance, reducing the policy rate to 2.25 %. Liquidity requests from banks were fully met, and the central bank intensified financing for micro‑enterprises.
Labour Market
Job creation accelerated but was insufficient to lower the national unemployment rate, which remains at 13 %.
Public Finances
The fiscal deficit narrowed to 3.5 % of GDP, thanks to solid tax revenues and innovative financing mechanisms.
External Accounts and Reserves
The current account deficit stayed contained, supported by travel receipts, remittances, and exports of phosphates, derivatives, and aerospace products. Official foreign reserves increased to 443 bn MAD, equivalent to over five months of imports.
Challenges & Outlook
Despite the positive momentum, a gap persists between macro‑economic performance and citizens’ perception, largely due to employment shortfalls, social inequalities and the need for structural reforms. The Governor highlighted the importance of targeted social support, tighter budgetary discipline, and acceleration of the strategic reserve for essential goods as outlined in the 2021 royal decree.
He also underscored the role of the energy transition, water resources governance, and advanced regionalisation in sustaining long‑term growth.
At the ceremony, Governor Jouahri presented the King with the full annual report and a commemorative gold coin marking the first anniversary of "Aid Al Wahda".