Morocco projects 4.8% GDP growth in 2026 amid rising reserves and record business registrations

Morocco economy GDP growth 2026 foreign reserves business registrations household living standards

The Bank of Morocco said official foreign‑exchange reserves rose 18% to 442.9 bn dirhams (about five months of imports) by the end of 2025, meeting the IMF’s adequacy range. The bank’s annual report noted the economy grew 4.4% in 2024 and is forecast to expand 4.9% in 2025 and 4.8% in 2026, driven mainly by public investment, a strong agricultural boost and growth in construction, tourism and services. Unemployment remained high at 13% overall and 37% among youth, and household surveys showed 78.3% of families felt their living standards had worsened despite the macro‑economic gains.

The Moroccan Office of Industrial and Commercial Property recorded 42,905 new companies in the first five months of 2026, with legal entities accounting for 75% of registrations. Single‑member limited‑liability companies (SARL AU) represented 65.5% of new firms. Casablanca‑Settat contributed 39.3% of the registrations, followed by Rabat‑Salé‑Kénitra, Marrakech‑Safi and Tangier‑Tétouan‑Al Hoceïma. The largest sectors were commerce (27.6%), construction/public works/real estate (25.2%), services (19.6%), transport (7.7%) and industry (6.3%). The OMPIC also issued 56,618 negative certificates (commercial name reservations) during the same period.

A separate report warned that the rapid growth of 2026 is largely based on an exceptional agricultural surge, with a projected slowdown to about 3% overall growth in 2027 as that boost fades. The data underline a gap between strong macro indicators and the lived experience of Moroccan households.