Trade deficit
• 353.1 billion dirhams
• Increase of 15.8% compared to 2024
• The deficit worsened due to import growth being twice as fast as export growth, reflecting strong dependence on external purchases to support national investment.

Imports
• Reached 822.2 billion dirhams, up 8% (+60.9 billion MAD).
• Main growth drivers:
o Capital goods: machinery and components needed for major infrastructure projects.
o Consumer goods: driven by sustained domestic demand.
o Industrial needs: raw materials for public and private investment.

Exports
• Amounted to 469 billion dirhams, up 2.8%.
• Key sectors and performance:
o Automotive and aeronautics: main drivers of industrial growth.
o Phosphates and derivatives: maintaining a strategic position in the global market.
o Agri-food and textiles: resilient contribution despite international competition.

Coverage rate
• Stood at 57%, down from 59.9% in 2024. This decline highlights that export growth is no longer sufficient to offset the surge in import volumes.

Observations and external flows
• Services resilience: The surplus in the services balance rose to 159.6 billion MAD (+14.2%), driven by tourism.
• Financial support: Revenues from MREs (122 billion MAD) and the surge in net FDI flows (+74.3%) helped preserve foreign exchange reserves despite the goods deficit.
• Strategic challenge: Upgrading exports and “competitive substitution” (producing locally what is imported) are becoming essential to sustainably balance trade.

L’article Morocco’s Trade Balance in 2025 est apparu en premier sur .

Sectoral and territorial dynamics The labor market shows uneven signs of recovery depending on geographic areas:
• Urban areas: The rate declined to 16.4% (from 16.7%), remaining the most affected by lack of opportunities.
• Rural areas: A more marked decrease to 6.2% (from 6.7%), suggesting relative stabilization after losses linked to climatic shocks in previous years.
• Underemployment: However, job quality is deteriorating, with the underemployment rate rising to 11.1% (from 10%), revealing increasing precariousness among employed workers.

Demographic disparities Unemployment rates remain critical for certain target groups, highlighting structural barriers to integration:
• Youth (15–24 years): 35.8%, a level that remains alarming despite a slight decline.
• Graduates: 19%, reflecting a persistent mismatch between education and labor market needs.
• Women: 19.9%, showing a worrying increase (from 17.7% in 2024), marking a decline in female labor participation.

Observations and challenges The slight decrease in overall unemployment in 2025 is driven by the continuation of major infrastructure projects and the momentum of the services and industrial sectors. However, the increase in underemployment and the weakening of female employment temper this assessment.

In summary, 2025 was a transitional year for employment in Morocco. While the decline in the national rate is a positive signal, major challenges remain: it is urgent to transform economic growth into sustainable job creation, formalize informal work, and implement targeted public policies for the inclusion of youth and women.

L’article EMPLOYMENT AND UNEMPLOYMENT IN MOROCCO 2025 est apparu en premier sur .

Main measures of the 2026 Finance Law

1. Completion of the Corporate Tax (IS) Reform In line with the multi-year schedule, 2026 marks the final stage of rate unification:
   • 20% for companies with net profit below 100 million MAD.
   • 35% for companies with net profit equal to or above 100 million MAD.
   • 40% (specific rate) for credit institutions, banks, insurance and reinsurance companies.
   • Accompanying measures: Consolidation of the tax group regime (participation threshold maintained at 66.67%) and optimization of the depreciation ceiling for company vehicles.
2. Withholding tax on equity income (Dividends) Continuation of the programmed reduction of the withholding tax rate to reach the target of 10% in 2027:
   • Applicable rate in 2026: 11.25% (compared to 12.5% in 2025).
   • This measure aims to ease the tax burden on investors and stimulate the national stock market.
3. Income Tax (IR) Reform and Social Measures Entry into force of key provisions to support purchasing power:
   • Full exemption from income tax: Net taxable income threshold maintained at 40,000 MAD.
   • Marginal rate: Set at 37% for higher brackets.
   • Support for retirees: Implementation of full income tax exemption for retirement pensions and basic annuities from January 1, 2026.
   • Family charges: Application of deductions increased to 500 MAD per dependent.
4. Green taxation and energy transition
   • Carbon tax: Consolidation of green taxation mechanisms to encourage decarbonization of the national industry.
   • Clean energy incentives: Exemptions and preferential tariffs for equipment related to seawater desalination and green hydrogen projects.
5. VAT management and regulatory measures
   • Rate adjustments: Finalization of convergence towards two target rates (10% and 20%) to simplify the system and reduce bottleneck situations.
   • Agricultural support: Revision of exemptions on agricultural inputs depending on agricultural campaign conditions and food sovereignty.
6. Budget priorities and investments
   • Social state: Mobilization of funds to sustain direct social aid and upgrade the healthcare system.
   • Infrastructure: Massive allocations for projects related to the 2030 World Cup and railway networks (high-speed rail).
   • Financial sustainability: Objective of reducing the budget deficit to ensure medium-term macroeconomic stability.

L’article Finance Law 2026 – Morocco est apparu en premier sur .

The month of December 2025 illustrates this moderate trend with a monthly decrease of 0.1% in the CPI. This decline is mainly attributed to the stabilization of international prices and improved supply chain fluidity. In response to this favorable context, Bank Al-Maghrib maintained a prudent monetary policy, promoting a balance between supporting growth and price stability.

However, this national average masks notable regional disparities:
• Fez: +1.7%
• Kenitra: +1.3%
• Casablanca: +0.7%

These gaps are explained by differentiated logistics costs and occasional sectoral tensions in certain local markets. At the same time, although overall inflation is low, the persistence of certain production costs and climatic uncertainties continue to exert latent pressure on volatile products.

In summary, 2025 marks the gradual return to monetary stability in Morocco, thus providing better visibility for companies in their investments. Nevertheless, vigilance remains necessary for 2026: the evolution of energy prices and the management of water resources will remain determining factors in consolidating these economic gains.

L’article INFLATION MOROCCO 2025 est apparu en premier sur .

Structure of trade and key products:
• Morocco’s exports to Spain: The flow was dominated by the automotive sector (wiring and components), textiles and clothing, as well as a strong presence of agri-food and electronic products.
• Spain’s exports to Morocco: Spanish deliveries mainly included machinery and industrial equipment, energy products, chemical products, and intermediate goods needed by Moroccan industry.

This strengthening of flows is part of a broader cooperation dynamic, catalyzed by structuring projects such as the joint preparation for the 2030 World Cup. This sporting and economic horizon has opened major opportunities for companies on both sides in the sectors of infrastructure, logistics, digitalization, and tourism. The interdependence of the two economies is now reflected in enhanced technical and technological cooperation, particularly in renewable energy and agro-industry.

In summary, 2025 was an exceptional consolidation period for the Morocco-Spain trade balance. It is characterized by diversification of traded products and a rise in cross-investments, reflecting the strategic depth of economic relations between the two nations.

L’article MOROCCO-SPAIN TRADE BALANCE 2025 est apparu en premier sur .

Conclusion The year 2025 reflects a Moroccan economy in full transformation. Between the acceleration of major infrastructure projects, the implementation of deep social reforms, and an ambitious energy strategy, the country strengthens its resilience and confirms its attractiveness to international investors. The growth trajectory observed this year lays solid foundations for 2026 and beyond.

L’article News 2025 est apparu en premier sur .

The year was particularly driven by preparations related to the organization of AFCON 2025 and the prospects of the 2030 World Cup. These large-scale events served as catalysts for the construction and public works sector, as well as for transport and logistics. The services sector, driven by a rapidly expanding tourism industry and resilient retail trade, played a leading role in this dynamic. At the same time, Morocco maintained sound macroeconomic indicators, with a current account deficit contained at around 2.0% of GDP and overall financial stability strengthening the confidence of foreign investors.

The industrial sector and transport infrastructure continue to support the Kingdom’s ambitions. Following the example of the automotive industry in previous years, the development of major infrastructure projects in 2025 enabled Morocco to consolidate its role as a regional logistics hub. This rise of strategic sectors is accompanied by a steady improvement in investment flows, driven by accelerated economic modernization.

Despite these remarkable advances, the country still faces major structural challenges that temper this positive assessment. Persistent water stress continues to weigh on rural areas, while the creation of sustainable jobs struggles to absorb the entire workforce, particularly among young people. Territorial disparities and the need for increased support for VSEs, SMEs (Very Small, Small and Medium Enterprises) remain reform priorities to ensure that growth is inclusive and equitable.

In summary, 2025 confirms the resilience of the Moroccan economic model and its ability to mobilize new growth drivers. If the international environment remains favorable, maintaining this positive trajectory in 2026 will depend on the country’s ability to transform these sectoral performances into sustainable social development and address challenges related to water sovereignty.

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