HIBAPRESS
The High Commission for Planning reported that national economic growth reached 4.1% during the fourth quarter of 2025, compared to 4% recorded during the previous quarter.
The Commission explained, in its latest memorandum on the economic situation regarding the main indicators, that economic growth maintained a nearly stable pace at the end of 2025 compared to the third quarter, despite the variation in sectoral performance. The same source indicated that manufacturing industries, after a noticeable slowdown during the summer of 2025, recorded a better-than-expected improvement of 4.1%, thanks to the recovery of the food and pharmaceutical industries. This transformation was accompanied by a change in the inventory cycle and the strengthening of commercial and service activities related to it. In parallel, non-tradable services maintained steady growth, while extractive industries and construction witnessed a noticeable slowdown in the context of climate disturbances that marked the end of last year. The High Commission for Planning considered that this growth reflects the dynamics of domestic demand, which remained the main driver of economic activity; household consumption recorded an increase of 4.4%, supported by the improvement in employment and wage indicators. Investment also maintained a high growth rate, despite entering a phase of moderation at 8.5%, compared to 15% during the third quarter of 2025. This transformation is mainly due to the slowdown in investments in the construction sector, while expenditures directed to industrial equipment continued their noticeable recovery. In contrast, the contribution of foreign trade remained negative in growth during the same period as a result of the moderate development of exports at 6.1% compared to imports, which grew by 10%. However, the relative decline in import prices contributed to alleviating the burden of the trade bill for the gross domestic product by 0.2 percentage points during the fourth quarter of 2025, on an annual basis. Other macroeconomic balances also improved, especially the budget deficit, which decreased due to the dual impact of slowing management expenditures and improving non-tax revenues. Overall, the total need for financing the economy reached approximately 11.6 billion dirhams.
