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Morocco’s Q3 2025 GDP Growth Slows to 4% Amid Mixed Sector Performance
Morocco’s national accounts for the third quarter of 2025 reveal a deceleration in economic growth, falling to 4 % year‑on‑year from 5 % in the same period of 2024. While the non‑agricultural sector slowed sharply, the agricultural sector posted a modest rebound. Domestic demand, buoyed by controlled inflation and higher financing needs, remained the main driver of growth, whereas external trade turned negative.
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Overall Economic Growth
The national accounts for Q3 2025 indicate that Morocco’s real GDP grew 4 % year‑on‑year, down from 5 % in Q3 2024. The slowdown is largely driven by a weaker non‑agricultural sector.
Secondary (Industrial & Construction) Sector
Value‑added in the secondary sector fell from a 6.9 % annual increase in Q3 2024 to 3.8 % in Q3 2025. The decline is evident across main subsectors:
- Construction and public works: 5.6 % (vs 6.8 % YoY)
- Mining extraction: 5.2 % (vs 14 % YoY)
- Manufacturing: 2.6 % (vs 6.6 % YoY)
- Electricity & water services: rose to 5.9 % from 4.6 %
Tertiary (Services) Sector
The services sector also decelerated, with growth slipping from 5 % in Q3 2024 to 4.2 %. The slowdown affected most activity groups:
- Accommodation & food services: 7.4 % (vs 12.3 %)
- Financial services & insurance: 6.8 % (vs 7.9 %)
- Education, health & social services: 5.7 % (vs 6.8 %)
- Transport & storage: 3.5 % (vs 7.5 %)
- Wholesale & vehicle repair: 3.2 % (vs 4.7 %)
- R&D & business services: 2.8 % (vs 4.3 %)
- Information & communication: 1.5 % (vs 2.2 %)
- Public administration & social security: 4.8 % (vs 4.3 %)
- Real estate services: 0.9 % (vs –1.7 %)
Overall, non‑agricultural value‑added growth slowed from 5.7 % to 3.8 %.
Primary (Agriculture & Fishing) Sector
Primary sector value‑added turned positive, rising 2.6 % in Q3 2025 after a 4.2 % decline a year earlier. Agriculture grew 4.4 % (vs a 5.1 % drop in 2024) while fishing fell sharply to –24.4 % (vs +13.4 %).
Price Level
At current prices, GDP growth slowed to 5.7 % in Q3 2025 from 8.7 % a year before, indicating a deceleration of the general price level to 1.7 % versus 3.7 %.
Domestic Demand
Domestic demand accelerated to 7.6 % in Q3 2025 (up from 5.9 % in Q3 2024), contributing 8.3 points to GDP growth. Key components:
- Gross fixed capital formation rose 15 % (vs 11.8 %) – contribution: 4.6 points
- Final consumption of households increased 3.9 % (vs 3 %) – contribution: 2.3 points
- Final consumption of public administrations grew to 7.4 % (up from 5.5 %) – contribution: 1.3 points
External Trade
Imports surged 15.3 % in volume (vs 11.1 % YoY), delivering a negative contribution of –7.7 points to growth. Export growth eased to 8.2 % (down from 10.1 %), adding only 3.4 points. Overall, net external trade contributed –4.3 points to GDP.
Key Takeaways
- Growth slowdown is chiefly a non‑agricultural phenomenon.
- Agriculture rebounded, offsetting some of the weakness.
- Strong domestic demand and investment remain growth engines.
- Rising imports and slower export growth turn external trade into a drag.