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Agadir – Bank Al-Maghrib’s (BAM) latest business survey indicates positive growth in Morocco’s economy, with both production and sales showing improvement.
The survey estimates the national Capacity Utilization Rate (CUR) at 78%, reflecting increased utilization of industrial capacities.
Sector-specific data shows a mixed outcome. Production rose in chemicals and parachemicals by 39% and mechanical engineering and metallurgy by 40%, while food processing remained stable, and textiles and leather witnessed an 8% decline.
Sales followed the same pattern, growing across most sectors, except in textiles and leather, which also saw an 8% decline. Overall, sales recorded growth in both national and international markets by 19%.
BAM’s survey indicates that order trends showed a slight decline in all sectors, largely driven by the textiles and leather by 34 % and chemicals and related products sectors by 53%. However, orders increased in food processing 13% and mechanical engineering and metallurgy by 39%.
As a result, BAM noted that order books were below normal levels in the textile and leather reaching -34%, and chemical sectors -31%, while they remained normal in food processing 4% and exceeded expectations in mechanical and metallurgical industries by 39%.
Looking ahead, manufacturers expect continued expansion over the next three months in both production and sales. The outlook is mostly positive in chemicals, mechanical engineering and metallurgy sectors, while production and sales in food processing, textiles, and leather are expected to remain unchanged.
Despite this optimism, 27% of surveyed companies expressed uncertainty regarding production trends, and 19% expressed uncertainty regarding sales prospects.
For Morocco’s exports, the Foreign Exchange Office showed that the sector’s revenues reached MAD 74.8 billion ($7.48 billion) in the first two months of 2026, marking more than 2% increase compared to the same period last year.
Data from the exchange office attributed this growth to the strong performances in industrial sectors, particularly automotive and aeronautics, which supported the declines in the other industries such as phosphates and textiles.
The automotive sector is the leading contributor in this growth, reaching MAD 26 billion ($2.6 billion) driven by wiring and vehicle manufacturing.
