Morocco's gross domestic product (GDP) is estimated to have grown by 4.2% year-on-year in the first quarter of 2025, driven by a 3.1% rebound in agricultural activity, according to the economic outlook report from the High Commission for Planning (HCP), which covers the fourth quarter of 2024 and forecasts for the first two quarters of 2025. «The economy is expected to have seen a resurgence in activity in the first quarter of 2025, with a projected 4.2% increase in value added excluding agriculture», the HCP states. It adds that domestic demand likely remained strong, while the significantly negative contribution of foreign trade would have eased to -1.1 percentage points, due to a notable slowdown in imports and weak export performance. By sector, the main drivers of growth would have been commercial services—particularly accommodation—extractive industries, and construction, with their value added increasing by 13.2%, 6.7%, and 6.4% respectively year-on-year. Manufacturing activity, which is more sensitive to foreign trade dynamics, would have experienced a slowdown, reducing its contribution to overall growth by 0.2 percentage points. Meanwhile, household demand is believed to have remained the cornerstone of economic performance. According to the HCP, improved income from socio-fiscal measures—including salary increases in both the private sector and public administration, along with a reduction in income tax—would have stimulated a 4.5% rise in household consumption spending, despite higher consumer prices.
