Morocco’s economy experienced significant growth of 4.8 percent in the first quarter of 2025, marking a notable rebound from the 3 percent recorded during the same period in 2024.
This robust performance, highlighted by the latest estimates from the High Commission for Planning (HCP) published this Tuesday, is primarily fueled by a recovery in agriculture, a resurgence in tourism, and a positive trend in industrial activity.
This figure surpasses forecasts from prominent analysts, including Fitch Solutions, which had anticipated annual growth of 4.1 percent. It further solidifies the Kingdom’s post-crisis recovery trajectory.
The agricultural sector demonstrated strong growth of 4.3 percent, largely attributed to favorable rainfall and the enhancement of localized irrigation systems. Meanwhile, the secondary sector recorded a substantial increase of 5.2 percent, propelled by thriving agri-food, automotive, and construction materials industries.
Tourism continues to be a major economic driver. Between January and March 2025, Morocco welcomed over 4 million visitors, representing a 15 percent increase year-on-year. This recovery has positively impacted several related sectors, including air transport, restaurants, hotels, and crafts.
The Ministry of Economy and Finance welcomed these results, describing them as a “solid foundation” for achieving the 4.5 percent growth target outlined in the 2025 Finance Act. The macroeconomic framework remains stable, characterized by contained inflation at 2.4 percent over six months, the stability of the dirham, and consistent key interest rates from Bank Al-Maghrib, collectively fostering a favorable investment climate.
Despite these positive indicators, the HCP advises caution. Concerns persist regarding youth unemployment, dependence on European demand, and ongoing geopolitical uncertainties, particularly in the Mediterranean and the Sahel regions. Nevertheless, the current situation reinforces Morocco’s crisis recovery model, which is predicated on targeted public action, structural reforms, and gradual economic diversification. The years 2025-2026 are expected to be decisive in sustaining this positive momentum.
MK/te/Sf/fss/abj/APA