Rabat – Morocco’s economy recorded a slight slowdown in growth during the fourth quarter of 2025, according to a new report from the High Commission for Planning (HCP). The country’s gross domestic product (GDP) grew by 4.1%, compared to 4.2% during the same period in 2024.
The report attributed the growth mainly to domestic demand, despite a general slowdown across several sectors. Non-agricultural activities grew by 4%, down from 4.8% a year earlier. Meanwhile, the agricultural sector recovered strongly, expanding by 4.7% after a sharp decline of 4.8% in late 2024.
The industrial sector also experienced slower growth, rising by 3.5% compared to 3.7% in the previous year. This was largely due to a drop in mining activity and weaker performance in construction, electricity, and water sectors. However, manufacturing showed improvement, with growth increasing to 4.1%.
Similarly, the services sector slowed to 4.4%, down from 5.4% in 2024. Key areas such as finance, education, transport, tourism, and trade all recorded weaker growth rates. As a result, overall non-agricultural growth declined.
On the other hand, the primary sector saw a notable recovery, thanks to improved agricultural output. However, fishing activity continued to decline sharply, dropping by 13.6%.
Inflation showed a clear slowdown during this period. The general price level increased by 2.7%, compared to 4.9% a year earlier, indicating better price stability.
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Domestic demand remained the main engine of growth, although it slowed slightly. Household consumption rose by 4.4%, while government spending increased by 7.9%. Investment growth also slowed, rising by 8.5% compared to over 12% in 2024.
Foreign trade had a negative impact on growth. While both imports and exports continued to increase, their growth rates slowed, leading to a negative contribution of 2.6% to overall economic growth.
The report indicated growing pressure on national finances. Morocco’s financing needs increased to 2.6% of GDP, up from 1.7% a year earlier, reflecting higher investment levels and slower income growth.
Overall, the HCP report points to a stable but moderating economic performance at the end of 2025.