Despite a turbulent international economic climate, the Moroccan economy is proving its resilience. Driven by a spectacular rebound in the agricultural sector and sustained investment, the High Commission for Planning (HCP) forecasts growth of 4.8 per cent for 2026.
With a cereal harvest approaching record levels and the roll-out of nationwide construction projects in the run-up to the 2030 World Cup, the Kingdom is demonstrating its ability to stay on course whilst other regional and global economies falter.
An exceptional harvest and investment in full swing
After several growing seasons marked by water stress, Morocco’s agricultural sector is making a strong comeback. For the 2025–2026 growing season, the cereal harvest is estimated at nearly 90 million quintals. This recovery enables the HCP to forecast a spectacular 19.1 per cent increase in agricultural value added for the year 2026.
The other major pillar of this momentum lies in investment in equipment and infrastructure:
Gross Fixed Capital Formation (GFCF) : Expected to rise by 9.5 per cent, driven by major road, port and rail development projects linked to hosting the 2030 World Cup.
Public finances : Fiscal discipline continues, with the deficit expected to stand at 3.4 per cent of GDP in 2026 (compared with 3.5 per cent in 2025).
A performance praised by international institutions
These results have been very well received by international donors. In its October 2026 World Economic Outlook, the International Monetary Fund (IMF) credits Morocco with growth of 4.5 per cent and inflation held at a very low level of 0.9 per cent. This is a remarkable achievement, given that the Middle East and North Africa (MENA) region is expected to contract by 2 per cent and global growth is set to peak at 3.1 per cent.
Whilst the slowdown among certain European partners and the rise in imports (+10.5 per cent in value according to the HCP) are weighing on the trade balance, this increase in foreign purchases primarily reflects the country’s massive investment drive.
Bolstered by robust tourism revenue and the inflow of foreign direct investment (FDI), these strategic imports confirm Morocco’s strategy: investing today to build the drivers of tomorrow’s growth.
