Morocco: GDP Growth Accelerates to 5.5% in Q2 2025

Morocco’s economy expanded by 5.5% in Q2 2025, up from 3% a year earlier, supported by strong domestic demand, easing inflation, and higher public and private investment.

• Sector performance: Non-agricultural activities grew 5.5%, with secondary industries up 7.4% (construction +6.7%, utilities +8.9%, manufacturing +6.9%). Agriculture rebounded +4.7%.

• Domestic demand: Rose 9.2%, driven by household consumption (+5.1%) and strong investment (+18.9%).

• Public sector: Government consumption increased 6.5%, supporting growth.

• Trade: Imports rose 15.7%, outpacing export growth of 8.5%, making net trade a drag (-4.4pp contribution).

• Inflation: Slowed to 2.3% from 3.9% in Q2 2024.

Overall, Morocco’s growth is being powered by robust internal demand and investment momentum, though external trade remains a headwind