Moroccan Industry Business Climate Remains Mostly Normal in Q2 2026

Bank Al-Maghrib’s quarterly industrial survey shows that 71% of Moroccan manufacturers rated the overall business climate as normal in the second quarter of 2026, while 19% considered it unfavorable. Sector‑specific views varied: 88% of chemical and petrochemical firms saw a normal climate (9% unfavorable), 63% of textile and leather firms did so (26% unfavorable), and the same share applied to agro‑food firms (24% unfavorable). In mechanical and metallurgical industries, 68% judged conditions normal and 21% favorable.

Supply conditions were judged normal by 79% of firms and difficult by 19%. Employment levels were reported as stagnant by 77% of respondents and decreasing by 17%. For the third quarter, firms expect a general decline in staff, especially in chemical, petrochemical and textile sectors, while mechanical and metallurgical firms anticipate hiring growth and agro‑food firms expect stability.

Production unit costs remained unchanged for 49% of companies and rose for 37%. Cost increases were most pronounced in agro‑food (61% of firms), followed by textile (51%) and chemical (29%). In the mechanical and metallurgical sector, 58% reported stable costs and 41% a decrease. Cash‑flow conditions were considered normal by 85% of firms and difficult by 13%.