Morocco's Tertiary Sector Shows Resilience in Q2 2026 as Services Drive Growth

Morocco's tertiary sector maintained positive momentum throughout the second quarter of 2026, demonstrating resilience across key subsectors, according to the latest quarterly business survey released by the High Commission for Planning (HCP).

Non-Financial Services Lead Growth Trajectory

The non-financial market services segment emerged as the standout performer during Q2 2026. Survey data revealed that 66% of business executives reported increased activity levels, while only 8% experienced declines. This robust performance was underpinned by a capacity utilization rate of 75%, indicating healthy operational efficiency across the sector.

Order books remained at satisfactory levels, with 85% of business leaders describing their pipeline as normal. This metric suggests solid short-term visibility and sustainable demand patterns for service providers.

Employment Trends Show Positive Momentum

The labor market within non-financial services displayed encouraging trends during the second quarter. According to HCP findings, 37% of surveyed executives increased their workforce, compared to 18% who reduced headcount. This net positive hiring environment reflects confidence in business prospects and sustained operational demands.

Optimistic Outlook for Third Quarter

Business sentiment for Q3 2026 remains constructive across the services landscape. Half of surveyed business leaders anticipate further activity expansion, while only 15% expect contraction. Demand projections mirror this optimism, with 45% of executives forecasting increased demand versus 17% expecting declines.

Employment expectations continue trending upward, with 30% of business leaders planning workforce expansion and 19% anticipating reductions. These forward-looking indicators suggest sustained growth momentum heading into the third quarter.

Wholesale Trade Prioritizes Stability Over Expansion

In contrast to the dynamic services sector, wholesale trade demonstrated a more measured performance profile during Q2 2026. Domestic market sales increased according to 21% of wholesalers, while 60% reported stable conditions. This balanced distribution suggests a sector focused on maintaining established positions rather than aggressive growth.

Employment remained unchanged for 75% of wholesale businesses, reinforcing the consolidation theme. Inventory levels were deemed appropriate by 87% of traders, indicating well-managed supply chains and balanced stock positions.

Mixed Price Dynamics in Wholesale

Pricing trends in the wholesale sector presented a nuanced picture during Q2. While 33% of traders implemented price increases, 58% maintained stable pricing. This divergence suggests varied competitive pressures and input cost experiences across different wholesale subsegments.

Cautious Third Quarter Projections for Wholesalers

Looking ahead to Q3 2026, wholesale traders project continuity rather than dramatic shifts. Total sales volume is expected to remain stable according to 68% of surveyed professionals, with 21% anticipating growth. Order expectations align with this steady-state outlook, with 73% of business leaders forecasting normal levels.

On the employment front, 79% of wholesalers plan to maintain current staffing levels, confirming expectations for operational continuity rather than acceleration.

Divergent Dynamics Within Tertiary Sector

The HCP survey results paint a picture of a resilient tertiary sector characterized by divergent subsector dynamics. Non-financial market services continue on an expansion trajectory with favorable near-term prospects, while wholesale trade pursues a stability-focused strategy centered on consolidation.

This bifurcated performance profile reflects the varied market conditions and strategic priorities across Morocco's tertiary economy as it navigates the third quarter of 2026.