The Moroccan economy in 2026
Morocco enters 2026 with growth close to 5%, low inflation, a rating upgraded to investment grade by S&P and a positive outlook from Moody's. Here are the public figures that describe this economy, without superfluous commentary.
Sources checked: 2026-09
- 5%Forecast growth in 2026
HCP, Economic Budget Forecast, January 2026
- ≈ 1%Forecast inflation in 2026
Bank Al-Maghrib, June 2026: 0.8% to 1.3% depending on projections
- BBB-S&P sovereign rating
S&P Global Ratings, stable outlook
- 11.1 M TEUContainers handled at Tanger Med in 2025
Tanger Med Port Authority, 2025 results: +8.4%
Growth and prices
The High Commission for Planning (HCP) expects growth of 5% in 2026 after 4.7% in 2025, driven by services, tourism, transport and logistics, and by sustained public investment. The current-account deficit would narrow to 1.9% of GDP.
Inflation has returned to low levels: Bank Al-Maghrib projects it at around 1% in 2026, which allowed it to hold its policy rate at 2.25% at its Board meetings of March and June 2026.
Rating and stability
S&P Global Ratings upgraded Morocco's sovereign rating to BBB-, with a stable outlook, which places the country in the investment-grade category. Moody's affirmed its Ba1 rating and changed the outlook from stable to positive on 6 March 2026, citing fiscal consolidation and the diversification of the economy.
The dirham is pegged to a basket composed of 60% euro and 40% dollar, within a fluctuation band of plus or minus 5%. Foreign-exchange reserves cover several months of imports.
Export sectors
The automotive industry became the country's leading export sector in 2025, ahead of phosphates, with MAD 98.7 billion of exports, followed by MAD 93.7 billion in the first half of 2026 alone (+17.4%). Aerospace exported MAD 17.3 billion in the first half of 2026 (+19.3%).
The port of Tanger Med handled 11.1 million containers and 161 million tonnes of goods in 2025, the leading port in the Mediterranean and in Africa by container volume.
| Indicator | Value | Period and source |
|---|---|---|
| Automotive exports | MAD 98.7 bn | 2025, Office des Changes via press |
| Automotive exports | MAD 93.7 bn (+17.4%) | H1 2026, Office des Changes via press |
| Aerospace exports | MAD 17.3 bn (+19.3%) | H1 2026, Office des Changes via press |
| Tanger Med, containers | 11.1 M TEU (+8.4%) | 2025, Tanger Med Port Authority |
| Tanger Med, tonnage | 161 Mt (+13.3%) | 2025, Tanger Med Port Authority |
Energy
Installed renewable capacity rose from 2,417 MW in 2016 to 4,851 MW at the end of 2025. The government states that the share of renewables in the electricity mix will reach the 52% target as early as 2026, four years ahead of the original 2030 deadline, and 56% in 2027 according to published projections.
Sources and methodology
- 1HCP, Economic Budget Forecast 2026
- 2Médias24, "Le HCP prévoit 5 % de croissance en 2026", 20 January 2026
- 3Bank Al-Maghrib, Board press releases, 17 March and June 2026
- 4Moody's, "Moody's changes Morocco's outlook to positive, affirms Ba1 rating", 6 March 2026
- 5Article19, "L'agence S&P relève la note souveraine du Maroc à investment grade"
- 6Tanger Med, 2025 activity results (via LesEco.ma)
- 7Infomédiaire, automotive and aerospace exports, H1 2026
- 8Le360, "Énergies renouvelables: la capacité installée du Maroc plus que doublée en dix ans"
- 9Médias24, "Le Maroc atteindra 52 % du renouvelable dans son mix électrique dès 2026", 23 April 2025
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