Morocco’s Economy to Grow 4.1% in 2027

Agadir – Morocco’s economy is projected to grow by 4.1% in 2027, according to the budget execution and macroeconomic framework accompanying the 2027 Finance Bill, citing continued expansion in non-agricultural activities and stronger investment.

The report by the Ministry of Economy and Finance forecasts a 1.2% increase in agricultural value added in 2027, based on an assumption of an agricultural campaign producing 70 million quintals.

Non-agricultural activities are meanwhile expected to maintain a strong pace, with their value added projected to increase by 4.3%.

Secondary sector to drive non-agricultural growth

The secondary sector is expected to remain a key driver of non-agricultural activity in 2027.

Its value added is projected to grow by 4.9%, accelerating from 4.5% in 2026.

The tertiary sector is also expected to maintain a high growth rate, with value added projected to increase by 4.1% in 2027, compared with 4% in 2026.

The projections point to continued growth in the non-agricultural economy, alongside a moderate recovery in agricultural activity.

Household consumption and investment support demand

On the demand side, household final consumption, including consumption by non-profit institutions, is expected to remain an important contributor to economic growth.

The report projects household consumption to increase by 4.3% in 2027, slightly down from 4.6% in 2026.

Public administration final consumption is expected to grow by 6.6%, compared with 9.1% in 2026.

Meanwhile, gross fixed capital formation is projected to increase by 4.6% in 2027, up from 4% in 2026.

The increase reflects the continuation of investment efforts and the strengthening of the productive capacity of the national economy, according to the report.

Exports and imports to maintain momentum

Morocco’s external trade is also expected to remain dynamic in 2027.

Exports of goods and services, in volume terms, are projected to increase by 7.3%, compared with 6.4% in 2026.

Imports are expected to rise by 7%, accelerating from 5.5% in 2026.

The report links the expected increase in imports to the continued strength of domestic demand and investment.

At current prices, Morocco’s GDP is projected to increase by 6% in 2027, following an expected 6.8% rise in 2026.

The 4.1% real GDP growth projection is part of the macroeconomic framework used by the government in preparing the 2027 Finance Bill and the three-year budget programming for 2027-2029. 

Read also: HCP: Morocco’s Economy Expected to Grow 5.4% in Q3 2026 Despite Global Uncertainty