Growth 2026: Morocco at 4.1%, driven by services

The essentials

1. 01

   The Haut-Commissariat au Plan puts the Moroccan economy's growth at 4.1% year on year in the third quarter of 2026, with agriculture up 19.9% and services at 3.9%. The accommodation and food service branch is among the drivers of this advance.[1]

2. 02

   Secondary activities remain down by 1.9% over the same quarter. The current momentum therefore stems more from tourism-related services than from industry.[1]

3. 03

   In its "World Economic Outlook" of 13 October 2026, the IMF forecasts Moroccan growth of 4.5% in 2026 and 4.2% in 2027, with inflation contained at 0.9% in 2026 and then 1.4% in 2027. The current account deficit is expected to reach 4.9% of GDP in 2026, then 4.1% in 2027.[2]

4. 04

   On the sidelines of the IMF-World Bank annual meetings, held in Bangkok from 12 to 18 October 2026, Davide Furceri, a division chief in the IMF's fiscal affairs department, commended Morocco's fiscal consolidation efforts, while noting the challenges arising from rising energy prices.[3]

5. 05

   The 23rd edition of the Marrakech International Film Festival will be held from 20 to 28 November 2026, with Marion Cotillard as jury president. This date sets one of the city's peak visitor periods.[4]

What it changes for you

For a foreign buyer, two elements matter here. First, inflation announced at 0.9% in 2026: it frames the trajectory of construction and renovation costs, as well as the running costs of a villa or a riad. Second, the weight of accommodation and food service in the growth of services, which confirms that tourist demand remains the bedrock of the rental market in Marrakech. The festival from 20 to 28 November 2026 provides a concrete calendar marker for setting rates and blocking out availability.

Our reading

We are less struck by the level of growth than by its composition: activity is coming from services, and food service and accommodation contribute to it explicitly. For a purchase project in Marrakech intended for holiday letting, this supports reading the market through tourist flows, and suggests aligning the booking plan with calendar peaks such as late November.

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