Bank Al-Maghrib has forecast that Morocco’s economy will grow by 5.2% in 2026, up from 4.9% in 2025, before easing to 3.1% in 2027 due to base-effect factors.
The projections were announced following the second quarterly meeting of the bank’s board for 2026, which reviewed recent economic developments and future prospects.
According to the central bank, agricultural value added is expected to increase by 16% this year, following growth of 8.2% in 2025. The forecast is based on an estimated cereal harvest of 90 million quintals, in line with projections from the Ministry of Agriculture.
However, agricultural value added is expected to decline by 7.6% in 2027, assuming a return to average cereal production levels.
Non-agricultural activities are projected to maintain solid momentum, with average growth estimated at 4.2% during 2026 and 2027, compared with 4.5% in 2025.
Meanwhile, the central bank decided to keep its key interest rate unchanged at 2.25%, while continuing to monitor domestic and international economic conditions before taking future monetary policy decisions.