Agadir – Morocco’s economic growth stands at 4% in the second quarter of 2026, down from 5.8% during the same period a year earlier, as a sharp decline in non-agricultural activity weighs on agricultural output, according to the High Commission for Planning (HCP).
In its national economic accounts released today, HCP said non-agricultural activities grew by 1.5% in the second quarter, down from 4.9% a year earlier. At the same time, agricultural value added rose by 21.2%, compared with 8.3% in the second quarter of 2025.
The overall expansion was mainly supported by national demand, while inflation remained contained. However, HCP reported a widening financing need for the national economy.
Secondary sector contracts
The secondary sector, which includes industry, construction, electricity, and water activities, recorded the sharpest decline during the quarter.
The sector’s output fell by 3.9% in the second quarter of 2026, compared with 5.8% growth during the same period in 2025.
The decline mainly reflects a sharp 28.6% drop in extractive industries, which grew by 13.7% a year earlier. Manufacturing also falls by 3.2%, reversing the 4.3% growth recorded in the second quarter of 2025.
Construction growth slowed to 2.8% from 7.6%, while electricity and water activities grew by 1.9%, compared with 3.8% a year earlier.
The tertiary sector also slowed, although several activities recorded stronger growth.
Financial services and insurance grew by 7.7%, compared with 5% a year earlier, while education, health, and social work services rose by 6.4%, compared with 6.3%.
General public administration and social security services grew by 3.4%, compared with 2.8%, while information and communication activities increased by 1.9%, up from 0.3%.
Other service activities recorded slower growth. Accommodation and food services expanded by 6.6%, compared with 9.5%, while research and development and business services grew by 2.9%, down from 4.3%.
Trade and vehicle repair grew by 2.8%, compared with 4.8%, while transport and storage rose by 2.7%, compared with 4.4%. Real estate services increased by 2.4%, compared with 3%.
Agriculture drives the growth
The primary sector recorded strong growth of 20.9% in the second quarter, compared with 7.6% a year earlier.
Agricultural activity increased by 21.2%, up from 8.3%, while fishing activity rose by 15.9%, reversing an 8.5% contraction in the same quarter of 2025.
Taking into account a 5.5% increase in taxes on products net of subsidies, compared with 10% a year earlier.
National demand increased by 5% in the second quarter, down from 7.5% a year earlier, and contributed 5.6 percentage points to economic growth, compared with 10.3 percentage points in the same period of 2025.
Household final consumption increased by 4.1%, compared with 1.8% a year earlier, contributing 2.3 percentage points to growth.
Foreign trade weighs on growth
Foreign trade continued to make a negative contribution to economic growth during the quarter.
Imports of goods and services increased by 9.1% in volume terms, compared with 12.1% a year earlier, resulting in a negative contribution of 4.7 percentage points to growth.
Exports performed better, with growth accelerating to 7.6% from 3.6% in the second quarter of 2025. Their contribution to growth reached 3.1 percentage points, compared with 1.5 percentage points a year earlier.
Overall, foreign trade in goods and services made a negative contribution of 1.6 percentage points to economic growth, an improvement from the negative contribution of 4.5 percentage points recorded a year earlier.
Read also: HCP: Morocco’s Manufacturing Production Falls 4.5% in Q2 2026
