Morocco’s economy gains momentum with 4.8% GDP growth

With gross domestic product up 4.8% in the first quarter of 2025 compared to 3% in the same period last year, Morocco’s economy is confirming its recovery momentum, according to data from the High Planning Commission (HCP).

This rebound in performance is exhibiting the recovery in agricultural activity and progress in the secondary and tertiary sectors, with this broad growth attesting to the economies diversified expansion across multiple sectors, as reported by The North African Post

The agricultural sector, suffering with drought conditions for the past 7 years, began its recovery by countering last year’s 5% decline in value-added growth by recovering 4.5%, with this driven by sustained growth in domestic demand. On the other side of the primary sector, fishing showed an 0.3% decrease, despite this the primary sector accomplished 4.3% growth, pushing away from the previous year’s decline.

The secondary sector also showed revival through their 4.5% growth, owing to the public works and construction industries robust performance of 6.3%, as well as water and electricity surging 5%, and manufacturing following suit with a further 3.4% growth. 

The tertiary sector achieved growth of 4.7%, significantly progressed by accommodation and restaurant services 9.7% growth as well as public services 5.3% increase. 

The HCP are attributing this momentum to the growth of domestic demand which itself grew 8% contributing a further 8.5 percentage points to overall growth. Additionally, household consumption raised 4.4%, with gross investment rallying 17.5% following the humble 4.9% growth it showed in 2024. Public consumption demonstrated a slight reduction from 5.5% to 5.2%.

During this same period, external trade dragged against growth contributing negatively by 3.8 percentage points, owing to the rising imports 9.8% increase, eclipsing exports 2.2% growth; this imbalance holds back the recovery momentum even with the orientation towards positive investment.

Nominal GDP rose by 6.9%, with inflation easing to 2.1% from 3.8% a year earlier. The national savings rate dipped from 27.6% to 26.8%, while investment rose to 28.8% of GDP, up from 26.6% the year prior.

The North Africa Post/ Maghrebi