Morocco's economic growth to hit 4.7 percent in Q2 2026

Morocco’s economic growth is projected to reach 4.7% in the second quarter of 2026, according to the High Commission for Planning (HCP).

The HCP notes that this performance partly reflects a favorable base effect linked to the rebound of secondary sectors recorded in the second quarter of 2025. Growth is also expected to be supported by the spillover effects of the agricultural recovery and the resilience of domestic demand, according to its latest economic report on key indicators.

Household consumption is forecast to grow by 4.2%, while investment is expected to continue moderating, with gross fixed capital formation rising by 3.8%.

The outlook for Q2 2026, however, is shaped by heightened uncertainty linked to geopolitical tensions and their impact on commodity markets. Energy price pressures, which had eased since 2023, have resurfaced following the outbreak of conflict in Iran.

In the short term, rising oil prices could fuel inflationary pressures, although their impact on domestic prices may remain partly contained due to recent rainfall and measures aimed at limiting increases in transport costs, the HCP said.

However, a further escalation in energy market tensions could amplify these effects, weighing more heavily on domestic demand and increasing production costs, particularly in sectors such as fishing, chemicals, metallurgy, and construction materials.