Analysis

Morocco growth in 2026: what the latest HCP figures actually show

Morocco’s latest HCP indicators show stronger momentum led by agriculture, services and domestic demand, but the sector picture remains uneven.

Rédaction Le Vrai Maroc· Editorial analysis

July 21, 20265 min readUpdated on July 21, 2026

Agricultural fields in Morocco illustrating the 2026 rebound in farming activity.

Quick answer: HCP indicators published in July 2026 show better momentum, but not a uniform boom. Maroc.ma/MAP reported on 16 July 2026 that GDP was estimated up 4.8% year on year in Q2 2026, after +4.6% in Q1 2026. On 20 July 2026, domestic demand was expected to rise 5.9% in 2026.

Moroccan farmer in a wheat field in 2025.

What to retain

The strongest drivers are identifiable: agricultural value added was estimated at +20.5% in Q2 2026, services at +4.3%, and household consumption at +4.4% for 2026.

Casablanca skyline as an urban economic signal.

Why it matters

For tourism, real estate and investment readers, the useful signal is local. Consumption, public works, visitor flows and logistics do not affect Marrakech, Casablanca, Tangier and Agadir in the same way.

Tanger Med logistics area linking trade, industry and exports.

Watch points

Manufacturing is the caution point, with only +0.3% value added in Q2 2026. Watch later HCP releases, summer 2026 arrivals, travel receipts and credit data.

Are the 2026 growth figures final?

No. The figures cited are July 2026 estimates and forecasts that should be checked against later HCP publications.

Keywords

Morocco growth 2026HCP MoroccoMoroccan economydomestic demand Morocco

Sources

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