🇲🇦MoroccoNorth Africa
Agricultural growth boosts Moroccan economy in Q1 2026, offsetting slowdown in other sectors
via Le Matin3 min read
Morocco's economy grew by 4.6% in the first quarter of 2026, a slight decrease from 5% in the same period of 2025, according to national accounts published by the High Commission for Planning HCP. 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.
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This summary was AI-generated from a story originally published by Le Matin.
Nadia Calviño, President of the European Investment Bank EIB, announced during her first visit to Morocco that the EIB plans to increase its investments in the country to over 700 million euros by 2026. She noted a significant acceleration in the partnership, with EIB Group financing to Morocco tripling over the last five years. Since starting operations in Morocco in 1979, the EIB has invested over 12 billion euros in various sectors, including energy security, innovation, and education. Key projects supported include the Tanger Med port, the Ouarzazate solar complex, the Euro-Mediterranean University of Fes, and the Medusa submarine fiber optic cable. Calviño highlighted that this dynamic reflects a strong alignment of common priorities, such as modernizing transport networks for more resilient infrastructure, supporting the private sector, and promoting education, particularly for rural girls. She explained that the EIB advances EU-Morocco priorities by combining loans, technical assistance, and European instruments like grants and guarantees to transform political ambitions into concrete projects benefiting citizens and businesses. Calviño also mentioned that the EIB will assume the presidency of multilateral development banks in 2027, aiming to emphasize the importance of win-win partnerships like the one with Morocco. She concluded that the bank seeks to accelerate its efforts to support Morocco's transformation, linking energy transition, industrial competitiveness, pr
Morocco's foreign exchange reserves reached a record $48.6 billion in 2025, positioning the country fifth on the African continent, according to Afreximbank. This marks a significant increase from $35.6 billion in 2021. The reserves experienced a dip to $32.3 billion in 2022, a 9.3% decrease, attributed to rising energy and raw material prices following the war in Ukraine, which impacted import costs for many African nations. However, a reversal began in 2023, with reserves climbing to $36.3 billion, an increase of 12.4%. This positive trend continued into 2024, reaching $37.1 billion with a 2.2% growth. The most substantial growth occurred in 2025, with a 30.8% surge, driven by tourism and the phosphate industry. This was the strongest annual progression for Morocco during the period studied by Afreximbank and one of the highest growth rates among major African economies that year. Morocco's $48.6 billion in reserves surpassed Nigeria's $46 billion, placing it behind Libya $87.9 billion, South Africa $75.9 billion, Algeria $52 billion, and Egypt $51.4 billion, all major exporters of oil or natural resources. Morocco's reserves represent approximately 9.4% of Africa's total foreign exchange reserves, which stood at $515.2 billion in 2025. Furthermore, Morocco's reserves provide 6.2 months of import cover, up from 5.5 months in 2024, exceeding the international financial institutions' prudential minimum of three months and the continental average of 4.9 months.
Canada has advanced to the round of 16 in the 2026 World Cup, securing a 1-0 win against South Africa. The decisive goal was scored by Stephen Eustáquio during added time. In the next stage of the tournament, Canada will face the winner of the match between Morocco and the Netherlands, which is scheduled to take place in Monterrey. Morocco's upcoming match against the Netherlands in the round of 16 brings them back to Mexico, a country with significant football history for the Atlas Lions. Mexico is a co-host of the World Cup alongside the United States and Canada, and has been the setting for notable moments for the Moroccan team.