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Non‑Financial Merchant Services Outlook: Companies Expect Activity Gains in Q2 2026
The High Commission for Planning (HCP) released its quarterly sentiment survey for Morocco’s non‑financial merchant services sector. While 46 % of respondents expect overall activity to rise in the second quarter of 2026, 15 % see a decline. Growth is driven by optimism in air transport, warehousing, road and pipeline transport and hospitality, whereas programming, broadcasting and postal services are expected to lag. Employment is broadly stable, with a modest hiring outlook, and order books are judged to be at a normal level.
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Survey Overview
The High Commission for Planning (HCP) released its quarterly business‑sentiment survey for the non‑financial merchant services (SMNF) sector covering the second quarter of 2026. Out of the respondents, 46 % of companies expect overall activity to increase, while 15 % foresee a decline.
Sector Outlook by Sub‑Industry
Positive expectations are driven by higher activity forecasts in:
- Air transport
- Warehousing and auxiliary transport services
- Road transport and pipeline transport
- Hospitality
Conversely, slower growth is expected in:
- Programming and broadcasting
- Postal and courier services
Demand and Employment Expectations
Within the SMNF sector, 49 % of CEOs expect demand to stay stable and 40 % anticipate an increase. Regarding staffing, 59 % foresee unchanged head‑count while 26 % expect hiring to rise.
Recent Quarterly Performance
For Q1 2026, 50 % of leaders reported a drop in activity whereas 24 % saw an improvement. The shift is attributed to weaker performance in telecommunications and air transport, offset by stronger activity in warehousing and water transport.
The sector’s capacity utilisation rate (TUC) settled at 74 %.
Order Book and Employment Trends
According to 86 % of respondents, order books remain at a “normal” level. Employment is projected to grow, with 37 % of CEOs expecting an increase and 49 % foreseeing stability.