HCP Survey: 66% of Moroccan Service Firms Report Activity Increase in Q2

Agadir – Morocco’s non-financial market services sector recorded stronger activity in the second quarter of 2026, while wholesale trade posted more moderate growth, according to the latest quarterly business survey by the High Commission for Planning (HCP).

Covering business leaders’ assessments of activity during the second quarter and their expectations for the third quarter of 2026, the survey found that 66% of business leaders in the non-financial market services sector reported an increase in activity while 8% reported a decline.

The increase was mainly driven by stronger activity in telecommunications, air transport, and warehousing and support activities for transportation.

At the same time, activity declined in advertising and market research, postal and courier activities, and programming and broadcasting, according to the HCP.

The sector’s capacity utilization rate stood at 75% during the quarter.

Order books were considered to be at a normal level by 85% of business leaders. Employment increased according to 37% of business leaders, while 18% reported a decline.

Wholesale trade records moderate growth

In the wholesale trade sector, 21% of wholesalers reported an increase in domestic-market sales during the second quarter, while 60% reported stability.

The increase was mainly attributed to higher sales in wholesale of other industrial equipment and wholesale of household goods.

This was partly offset by a decline in sales in other specialized wholesale activities.

Employment remained stable according to 75% of business leaders.

Meanwhile, 87% of wholesalers considered merchandise inventories to be at a normal level. Selling prices increased according to 33% of business leaders, while 58% reported stability.

Services sector outlook remains positive

Looking ahead to the third quarter of 2026, business leaders in the non-financial market services sector expect overall activity to continue increasing.

According to the HCP survey, 50% of business leaders anticipate an increase in activity, compared with 15% who expect a decline.

The expected increase is mainly linked to anticipated stronger activity in air transport, warehousing and support activities for transportation, land transport and transport via pipelines, and accommodation.

By contrast, business leaders expect activity to decline in food and beverage service activities, programming and broadcasting, and postal and courier activities.

Demand is also expected to strengthen, with 45% of business leaders forecasting an increase in demand, compared with 17% anticipating a decline.

Regarding employment, 30% of business leaders expect staff numbers to increase, while 19% anticipate a decrease.

Wholesale trade expected to remain stable

The outlook for wholesale trade is more cautious, with 68% of wholesalers expecting the overall volume of sales to remain stable during the third quarter of 2026. Meanwhile, 21% expect sales to increase.

The anticipated rise is mainly linked to expected higher sales in other specialized wholesale and wholesale of food, beverages and tobacco.

However, wholesalers expect sales of information and communication equipment to decline.

In particular, 73% of business leaders said they expect orders for the third quarter to remain at a normal level.

Many also expect employment to remain stable, with 79% of wholesalers anticipating no change in staff numbers.