[REVISION HISTORY]

Moroccan economic growth and trade expansion

Updated 8 times since CLSTR started tracking revisions of this situation.

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2026-10-21 12:13 UTC → 2026-10-26 13:26 UTC · added ~~removed~~

Morocco continues to demonstrate economic growth through expanded bilateral trade and rising foreign exchange reserves. Bank Al-Maghrib forecasts that reserves will reach approximately 55.65 billion dollars (502.8 billion dirhams) by the end of 2026, potentially exceeding 57 billion dollars by 2027. In September 2026, Bank Al-Maghrib reported that foreign exchange reserves surpassed 500 billion dirhams (approximately 54 billion USD) for the first time, a more than 21 percent increase compared to the same period last year. Growth ~~was driven~~ is supported by ~~record net foreign direct investment of 29.4 billion dirhams between January and July, a 58.5 percent annual increase, and~~ strong industrial exports ~~in the automotive (up 14.9 percent)~~ and aerospace (up 19.7 percent) sectors. Additionally, tourism revenues exceeded 79 billion dirhams by late July, and remittances from Moroccans abroad grew by over 8 percent. Trade relations with Spain remain a significant ~~driver. While bilateral~~ trade with Spain. Bilateral exchanges with Spain exceeded 14.19 billion euros during the first seven months of 2026, ~~energy trade dynamics shifted in late summer. In August 2026, Spain’s petroleum product~~ with Spanish exports to Morocco rose by 50.6 percent compared to July, with Morocco becoming the primary destination for Spanish petroleum exports, surpassing France and Portugal. This was largely driven by gasoil shipments, which increased 94 percent month-on-month. Despite these developments, reaching a record 1.159 billion euros in July. However, external account pressures persist. The current account deficit is projected to widen from 2.4% of GDP in 2025 to 4.6% in 2026 due to the rising costs of capital goods and petroleum. In ~~October 2026, data indicated that Morocco’s expenditure on liquefied butane gas imports from~~ the ~~European Union~~ second quarter of 2026, import unit values rose by ~~approximately MAD 200 million during~~ 10% year-on-year, driven largely by a 97% jump in mineral raw materials and a 53.1% increase in energy and lubricants. These import pressures have impacted the ~~first eight months of 2026, even as shipment~~ Moroccan dirham, which faced depreciation against the euro and the US dollar in late 2026. Despite this, the interbank foreign exchange market saw significant activity, with transaction volumes ~~declined by 11.44%.~~ rising 88.1% in August 2026 compared to the previous year. While the 2026 Africa Risk-Reward Index noted a slight decline in Morocco’s score due to rising perceived risk, the nation maintains strong macroeconomic fundamentals, including low inflation and a projected 4.9% growth rate for 2025.

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