The High Commission for Planning (HCP) has reported positive momentum in Morocco’s non-financial market services sector and overall stability in wholesale trade.
Activity in the non-financial market services sector saw an increase in the third quarter of 2025. The HCP survey indicated that 68 percent of businesses reported a rise in activity, primarily driven by growth in key areas: telecommunications, air transport, warehousing and land transport
Capacity utilization reached 76 percent during the quarter. The outlook for the fourth quarter remains largely favorable: 50 percent of business leaders anticipate a further increase in activity, compared to 19 percent who expect a decrease. The most dynamic sectors projected are land transport, travel agencies, and engineering. Regarding employment, 26 percent of business leaders plan to recruit, while 57 percent expect the workforce to remain stable.
In wholesale trade, the trend remained stable in the third quarter: 72 percent of wholesalers reported stable sales, while 20 percent reported an increase. Inventory levels were reported as normal by 88 percent of companies, and employment was stable for 84 percent.
The outlook for the fourth quarter confirms this stability: 65 percent of wholesalers anticipate stable sales, while 27 percent expect growth. 79 percent of companies expect orders to be at a normal level, and employment is projected to remain stable in 77 percent of cases.
The HCP concludes that these trends reflect a gradual consolidation of the Moroccan service sector, supported by a recovery in transportation, robust domestic demand, and a generally favorable outlook among business operators.
MK/AK/fss/abj/APA