Stocks Market
Morocco's Q1 2026 GDP Grows 4.6% – Agriculture Drives Growth Amid Slower Industry
The High Commission for Planning reports that Morocco’s economy expanded by 4.6% in the first quarter of 2026, a modest deceleration from the 5% growth recorded a year earlier. The slowdown stems mainly from weaker activity in the secondary sector, but a robust 18.4% jump in agricultural value added more than compensated for the dip, keeping overall growth solid. Primary production surged, while industry and construction showed the first signs of contraction. Inflation eased to 1.1%, and GDP at current prices rose 5.7% year‑on‑year, suggesting a resilient macro‑environment despite sectoral imbalances.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Key figures
According to the High Commission for Planning (HCP), Morocco's economy expanded by 4.6 % in the first quarter of 2026, down from 5 % a year earlier.
The modest slowdown is mainly linked to weaker performance in the secondary sector, but it was largely offset by a sharp jump in agricultural value added.
Sector breakdown
- Primary sector: Value added surged 17.3 % YoY, driven by an 18.4 % increase in agriculture. Fisheries activity fell 1.9 %.
- Secondary sector (seasonally adjusted): Volume fell 1 %. Declines were recorded in electricity & water services (‑3.4 %), extraction industries (‑3.2 %), manufacturing (‑1.3 %) and construction, whose growth slowed to 1.5 % from 7.1 %.
- Tertiary sector: Growth decelerated to 4.3 % from 4.5 % in the same period of the previous year.
At current prices, GDP rose 5.7 % in Q1 2026, while the overall inflation rate eased to 1.1 %.
Despite the sectoral imbalances, the macro‑economic outlook remains positive, with agriculture providing a strong cushion for continued growth.