Agricultural growth boosts Moroccan economy in Q1 2026, offsetting slowdown in other sectors

This growth was primarily driven by a significant 18.4% increase in agricultural value added, which helped to counteract a 1% decline in secondary sector activities. Domestic demand remained the main driver of growth, contributing 6.9 points to the overall economic expansion, with household final consumption expenditure rising by 4.6% and public administration final consumption increasing by 4.9%. Inflation remained low at 1.1%.

While non-agricultural activities saw their growth rate slow to 2.6% from 4% a year prior, the tertiary sector recorded a 4.3% growth, supported by accelerations in financial services, insurance, transport, warehousing, and information and communication. However, some tertiary activities like accommodation, catering, education, health, and social action experienced a slowdown. Gross investment grew by 10.8%, contributing 3.4 points to growth.

External trade had a negative impact on growth, with imports of goods and services increasing by 12.7% and exports by 9.2%, resulting in a negative contribution of 2.3 points. The national gross disposable income increased by 6.8%, and national savings reached 31.4% of GDP, while the economy's financing need stood at 1.5% of GDP.