Morocco's Q1 2026 GDP growth slows to 4.6% as agriculture drives the economy

Morocco's economy grew at an annualised rate of 4.6% in the first quarter of 2026, a slight deceleration from the 5% recorded in the same period a year earlier. The slowdown reflects a weaker performance in secondary activities, which grew at 2.6% compared with 4% previously, while the primary sector surged. Agricultural value‑added rose 18.4% year‑on‑year, lifting the sector’s overall contribution by 17.3% and offsetting declines in electricity, water services and mining.

Domestic demand accelerated, with household consumption increasing 4.6% – a marked rebound from the 1.1% growth in Q1 2025 – contributing 6.9 percentage points to GDP growth. Public‑sector consumption also rose, adding 0.9 points. Gross fixed investment, however, slowed sharply to 10.8% from 19.6% a year earlier, still providing 3.4 points to growth. Prices remained modest, with the overall inflation rate easing to 1.1%.

The data underline that private consumption is now the main engine of Morocco’s growth, while the agricultural sector continues to play a pivotal role in sustaining the economy amid a modest easing of price pressures.