The Moroccan economy has recorded its strongest growth in nearly a decade in 2025, but behind the progress of 4.9% GDP is an important divergence: investment has surged 16.3%, while household consumption has only increased by 1.2%.
Big projects drive growth
The investment boom is largely due to big infrastructure projects, particularly those related to the preparation of the 2030 World Cup.
Construction has seen a growth rate of 6.7%, while private investments have also started to pick up. Since the pandemic, investments and public consumption have consistently outpaced nominal GDP growth.
Household consumption lags behind
Household spending is following a very different trajectory. Its growth had reached 4.7% in 2023, before slowing down to 3% in 2024 and only 1.2% in 2025.
Despite the decline in inflation to 0.8% in 2025 and an improvement in consumer confidence, household spending has not kept pace with investment and overall economic growth.
A turning point expected
The World Bank expects a gradual rebalancing of the economy. The current investment cycle is due to mature in the coming years, allowing for more space for consumption and private sector growth.
