Moroccan economic growth slows to 4% in H1 2026: what does the High Commission for Planning say?

What we verified?

The results of the national accounts for H1 2026, published by the High Commission for Planning on 30 September 2026, revealed a slowdown in national economic growth to 4% versus 5.8% in the same period of 2025 .

This slowdown is attributed to several factors, including:
- Decline in non-agricultural activities growth from 4.9% to 1.5%
- Contraction of the secondary sector by 3.9% after growth of 5.8% in the same period of 2025
- Decline in extractive industries by 28.6% after growth of 13.7% in 2025

In contrast, the agricultural sector recorded exceptional growth of 21.2% versus 8.3% in the same period of 2025, supported by improved seasonal weather conditions.

What does this mean for citizens?

1. Employment:
The growth slowdown may affect the pace of job creation, particularly in non-agricultural sectors experiencing declining activity.

2. Prices:
The High Commission confirmed that inflation remains under control, preserving citizens' purchasing power in the short term.

3. Investment:
This slowdown may prompt public authorities to take stimulus measures to support investment and economic activity.

Economic context

This report comes at a time when the Moroccan economy faces several challenges:
- Global growth slowdown and geopolitical tensions
- Impact of climate change on the agricultural sector
- Need for structural reforms to enhance competitiveness

Report limitations

- These results are preliminary and may be revised in subsequent reports.
- It is still too early to assess the full impact of this slowdown on employment and living standards.
- The High Commission has not provided detailed forecasts for H2 2026.

Sources

— High Commission for Planning, National economic situation in H1 2026. URL: https://www.hcp.ma/Situation-economique-nationale-au-deuxieme-trimestre-2026_a4350.html — Publication date: 30 September 2026 — Accessed: 6 October 2026.