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The national economy recorded a growth rate of 4% in the third quarter of 2025, following robust increases of 4.8% and 5.5% in the first and second quarters, as reported by the High Commission for Planning (HCP).
According to the HCP, the momentum of national economic expansion slowed in the second half of 2025, after a vigorous first half driven by gains in secondary sectors. This insight is part of an economic report that examines the main economic indicators for Q3-2025, offers estimates for Q4-2025, and provides forecasts for Q1-2026.
Annual economic growth settled at 4% in the third quarter, down from 4.8% and 5.5% in the previous quarters. The report attributes this slowdown to a decline in manufacturing activities, which were hit by reduced external demand during the summer of 2025. The metal, metallurgical, electronic, and textile industries were particularly affected.
On the other hand, sectors such as non-commercial and financial services, real estate, and agriculture continued to provide stability, contributing to a slight increase in overall activity by 0.4 percentage points above the trend level.
Investment levels remained stable, buoyed by strong public infrastructure spending and a rebound in corporate equipment purchases. Meanwhile, household consumption saw a more modest increase, improving by 3.9% in Q3-2025, compared to a 5.1% rise in the previous quarter.
External trade continued to pose challenges, detracting 4.3 percentage points from economic growth during the same period.
Despite these conditions, internal macroeconomic balances displayed relative resilience, though pressure on public finances intensified.
The budget deficit widened in the third quarter of 2025. However, the national economy's financing needs slightly decreased, totaling 12.3 billion dirhams compared to 13.7 billion dirhams in the preceding quarter.
