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Mohammedia – Morocco’s economic growth slowed in the third quarter of 2025, reflecting weaker momentum across most non-agricultural sectors despite a recovery in farming activity.
According to the latest Haut-Commissariat au Plan (HCP) report, gross domestic product grew by 4% during the period, down from 5% in the same quarter of 2024, as domestic demand remained the main driver of activity while external trade weighed heavily on growth.
The deceleration was largely linked to a slowdown in non-agricultural activities, whose value added increased by 3.8% compared to 5.7% a year earlier.
The secondary sector saw its growth rate ease sharply to 3.8% from 6.9%, reflecting slower performance in construction, mining, and manufacturing.
Value added in construction and public works rose by 5.6%, down from 6.8%, while mining activity grew by 5.2% after reaching 14% in the third quarter of 2024.
Manufacturing industries posted a more modest increase of 2.6% compared to 6.6% previously. In contrast, electricity and water services accelerated, with growth rising to 5.9% from 4.6%.
The services sector also recorded a moderation in growth, expanding by 4.2% compared to 5% a year earlier.
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Several branches experienced slower activity, notably accommodation and food services, which grew by 7.4% after 12.3%, as well as transport and storage, trade, financial services, information and communication, and business-related services.
Some improvement was observed in public administration services, which grew by 4.8%, and in real estate activities, which returned to positive growth at 0.9% after a contraction in the same period of 2024.
The primary sector posted a clear rebound, with value added increasing by 2.6% after a decline of 4.2% a year earlier
Agricultural activity rose by 4.4%, reversing a contraction of 5.1%, while fishing activity fell sharply by 24.4% compared to an increase of 13.4% in the third quarter of 2024.
At current prices, GDP rose by 5.7%, down from 8.7% a year earlier, reflecting a slowdown in the general price level to 1.7% from 3.7%.
Domestic demand remained strong, increasing by 7.6% and contributing 8.3 points to overall growth. Investment surged by 15%, household consumption rose by 3.9%, and public administration consumption increased by 7.4%.
External trade continued to act as a drag on growth. Imports of goods and services rose by 15.3%, generating a negative contribution of 7.7 points, while export growth slowed to 8.2%.
As a result, foreign trade recorded an overall negative contribution of 4.3 points to economic growth during the quarter.
