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Agadir – Morocco’s economy is expected to maintain its strong momentum in 2026, with growth projected at 5.3%, driven by continued government reforms and an anticipated recovery in the agricultural sector, Minister of Economy and Finance Nadia Fettah announced on Wednesday.
Speaking during a joint meeting of Parliament’s Finance Committees, Fettah presented the execution of the 2026 Finance Law, the general framework for the 2027 Finance Bill, and the 2027-2029 three-year budget programming.
The minister said the preparation of the 2027 Finance Bill comes amid an increasingly challenging global environment, citing persistent geopolitical tensions, particularly the ongoing conflict in the Middle East, and their impact on energy markets and global supply chains.
Despite these external risks, the government expects Morocco’s economy to sustain solid growth over the medium term. Current projections forecast GDP growth of 4.1% in 2027, followed by 4.2% in both 2028 and 2029.
According to Fettah, these projections are based on several key assumptions, including a cereal harvest of 70 million quintals, an average oil price of $70 per barrel, butane gas prices of $500 (MAD 4,600) per ton, and inflation remaining close to 2% over the next three years.
Reviewing the implementation of the 2026 Finance Law through the end of June, the minister said ordinary state revenues increased by 15.4%, supported by higher tax and non-tax revenues.
Inflation also continued to ease during the first half of the year, averaging 0.4%, while core inflation stood at -0.1%. Fettah attributed the slowdown primarily to lower food prices and government measures aimed at protecting households’ purchasing power.
The labor market also showed signs of improvement. Morocco recorded a net creation of 193,000 jobs in 2025, reducing the unemployment rate to 13%. During the first half of 2026, the broader unemployment rate remained stable at 10.8%, according to the minister.
Meanwhile, Morocco’s exports rose by 5.8% year-on-year to MAD 211.4 billion ($21.4 billion) by the end of May 2026, supported mainly by the automotive and aerospace industries.
Imports, however, climbed at a faster pace, increasing 11.8% to MAD 370.5 billion ($37.4 billion), widening the trade deficit by 20.8%.
Fettah noted that remittances from Moroccans living abroad, which reached MAD 46.2 billion ($4.7 billion), together with tourism revenues of MAD 46.9 billion ($4.7 billion), continued to provide significant support in offsetting the country’s external trade imbalance.
