Morocco’s economy recorded mixed but overall positive sector performance in 2025, with electricity production and phosphate exports emerging as key drivers, according to the latest indicators published by the Finance Ministry’s Directorate of Studies and Financial Forecasts.
In its December economic outlook, the directorate said national electricity production rose 6.1 percent during the first 10 months of 2025, supported by increased output from private operators, up 7.7 percent, and the National Office of Electricity and Drinking Water, which reported a 7.2 percent increase.
Net electricity consumption climbed 7.5 percent over the same period, reaching its highest level in 12 years, compared with growth of 3.6 percent in 2024. Electricity imports rose sharply, increasing 26.2 percent by the end of October, reflecting higher demand and continued reliance on regional energy exchanges.
The phosphate sector remained a major contributor to external revenues. Phosphate exports generated 80.6 billion dirhams by the end of October, up 16.7 percent year on year. Exports of phosphate derivatives rose 15 percent, while shipments of raw phosphate increased 33.9 percent, according to the data.
Agricultural and fisheries exports reached 33.5 billion dirhams during the first 10 months of the year, an increase of 7.3 percent, similar to the pace recorded in 2024. However, coastal and artisanal fishing landings fell 15 percent by the end of November, driven by an 18.5 percent decline in pelagic fish. Landings of white fish rose 8 percent, while seaweed harvests increased 24 percent.
Industrial production grew 2.2 percent by the end of September. The increase was supported by food processing, up 11.3 percent, metallurgy and nonmetallic mineral products, up 12.2 percent, chemicals, up 4.3 percent, and automotive manufacturing, which rose 7.4 percent. Rubber and plastic product manufacturing recorded a 16.2 percent increase.
Construction activity strengthened, with cement sales rising 10 percent by the end of November, driven by ready mixed concrete demand, which increased 26.6 percent. Outstanding housing loans rose 3.3 percent, while total real estate credit grew 3.2 percent to more than 319 billion dirhams.
Total goods exports reached 385.2 billion dirhams by the end of October, up 2.6 percent. Fertilizer exports increased 15.5 percent, and aeronautics exports rose 8.3 percent to 23.7 billion dirhams. Textile and clothing exports declined 3.9 percent, reflecting lower shipments of garments and knitwear, the report said.
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