Agadir – Morocco’s High Commission for Planning (HCP) released today a quarterly report providing a detailed overview of sectoral performance in Morocco during the fourth quarter of 2025.
The survey’s findings show both the challenges faced by various industries and the cautiously optimistic outlook for the near term.
Production in the manufacturing sector increased in Q4 2025, the report found, noting that this was driven by growth in the automotive industry, chemical manufacturing, non-metallic mineral products, and metallurgy.
Conversely, output declined in the food industry and electrical equipment manufacturing. Business leaders reported that order books remained at a normal level, while employment stayed stable.
The survey sector’s overall capacity utilization rate was 74%, yet 35% of firms experienced difficulties sourcing raw materials, particularly imports.
Raw material stocks were considered normal, although 18% of business leaders reported cash flow challenges, a proportion that rose to nearly 40% within the pharmaceutical industry.
The extractive industry showed stable production in Q4 2025. According to the HCP report, this was primarily due to stagnant phosphate output. Product prices fell, while employment levels remained unchanged.
Environmental and construction outlook
The energy sector experienced a decline, with reduced production in electricity, gas, steam, and air conditioning. This was accompanied by lower product prices and a reduction in employment levels.
Production remained stable in the environmental industry, reflecting consistent activity in water capture, treatment, and distribution. Order books were at a normal level, and employment was steady. Across manufacturing, extractive, and energy sectors, investment in 2025 focused primarily on equipment replacement and operational expansion.
The report concluded sectoral performance of the fourth quarter of 2025, saying that the construction sector saw growth fueled by higher activity in civil engineering and specialized construction works, while building construction remained stagnant.
In addition, order books were normal, employment levels were unchanged and the sector’s capacity utilization rate stood at 69%.
Supply chain difficulties affected 9% of firms, and 31% of business leaders reported cash flow challenges. Notably, 39% of construction firms made investments in 2025, mainly for equipment replacement, according to HCP.