A recovery that is confirmed
Morocco enters 2025 with stronger fundamentals: sustained public investment, a recovery in domestic demand, and increased visibility on major projects (water, health, education, digital transition). The dynamic is also driven by exports: automotive, aerospace, fertilizers, and outsourced services.
Sectoral drivers
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Industry & exports : upgrading in the automotive sector and consolidation of the aerospace sector.
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Services : outsourcing, tourism, and logistics are becoming more productive.
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Agriculture : a more volatile contribution but cushioned by agritech and efficient irrigation.
Inflation, employment, purchasing power
The expected disinflation supports purchasing power, even though youth unemployment remains high. The challenge is to turn growth into qualified jobs, particularly in less well-off regions.
Risks to monitor
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Climate and water shocks.
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Global slowdown affecting external demand.
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Budget execution and governance of projects.
Looking towards 2026
The trajectory remains favorable if the state maintains its focus on human capital (health, education) and spending efficiency while continuing labor market and human capital reforms.
