Bank Al Maghrib (BAM), Morocco’s central bank, is forecasting an economic growth of 5% for 2025, a slight increase compared to the previous year, despite persistent geoeconomic tensions and unfavourable climatic conditions.
The Moroccan central bank estimates that economic growth in Morocco should show a notable acceleration in 2025, before consolidating to an average of 4.5% over the following two years.
Following this increase in 2025, the agricultural value added, under the assumption of a return to average cereal harvests of 50 million quintals, is expected to rise by 4% in 2026 and 2% in 2027, according to a statement from the central bank on the fourth quarterly meeting of its Council in 2025.
For non-agricultural activities, growth is projected to remain vigorous, driven in particular by the strong momentum of investment, standing at 5% this year (2025), 4.8% in 2026, and 4.5% in 2027, the statement added.
The central bank also announced its decision to keep the key interest rate unchanged at 2.25%, while continuing to closely monitor economic developments and basing its decisions, meeting by meeting, on the most updated data.
In its communiqué, Bank Al-Maghrib emphasised that this policy direction takes into account the “evolution of inflation at low levels,” while integrating “a still high level of uncertainty” linked notably to the persistence of geoeconomic tensions internationally and to climatic conditions domestically.
These factors continue to weigh on growth prospects and medium-term visibility.
AK/sf/lb/as/APA