Morocco’s economy is projected to accelerate from 3.8% in 2024 to 4.6% in 2025, before stabilizing at 4.4% in 2026, according to the latest forecasts by Bank Al-Maghrib (BAM).
The central bank said the agricultural sector is expected to expand by 5% this year, supported by a cereal harvest estimated at 41.3 million quintals. Growth in agriculture is forecast to moderate to 3.2% in 2026, assuming output rises to 50 million quintals.
Beyond agriculture, non-agricultural activities are set to maintain strong momentum, with growth projected at 4.5% in both 2025 and 2026. BAM attributed this performance mainly to sustained investment in infrastructure, which continues to drive productivity and economic diversification.
At its latest policy meeting, BAM’s Board decided to keep the key interest rate unchanged at 2.25%. The decision reflects a balance between supporting economic growth and maintaining price stability.
The central bank also highlighted its ongoing efforts to ease financing conditions, particularly for very small enterprises (VSEs), as part of a broader push to bolster private sector activity and improve access to credit.
By maintaining accommodative monetary policy while monitoring inflation trends, BAM said it aims to create conditions that foster investment and employment in a context of global uncertainty.
