Maroc economy accelerating but household savings lagging

The Moroccan economy is experiencing its strongest growth in nearly a decade, with a 4.9% increase in GDP in 2025. However, behind this progress lies an important imbalance: investment has surged by 16.3%, while household spending has only risen by 1.2%.

Large-scale investments drive the growth

The Moroccan economy’s growth is largely driven by large-scale investments, rather than daily household expenses. This is one of the key findings from the latest report on the economic situation in Morocco published by the World Bank.

Investment has increased by 16.3% in 2025, after a significant rise of 14% last year. This acceleration is mainly due to large infrastructure projects, particularly those related to the preparation for the 2030 World Cup.

The construction sector has seen a growth of 6.7%, while private investments have also been on the rise. Since the pandemic, household spending and investment have consistently outpaced nominal GDP.

Household expenses remain relatively stagnant

On the other hand, household consumption is following a very different trajectory. Its growth had reached 4.7% in 2023, but then slowed down to 3% in 2024 and only 1.2% in 2025.

Household spending has not decreased, but it has progressed much more slowly than investments and the entire economy. This slowdown occurs even though inflation has dropped to 0.8% in 2025 and consumer confidence is starting to improve.

A shift expected after major projects

The World Bank expects a gradual rebalancing of the economy. The current investment cycle should mature in the coming years, allowing more room for household consumption and private sector growth.