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The latest household confidence survey shows that 39% of households have drawn on savings or borrowed to cover expenses, while 76.3% say their standard of living has deteriorated over the past year.

Morocco’s economy is expected to maintain its growth momentum in the second half of 2026 despite an energy shock triggered by the war in Iran, with GDP growth forecast at 4.1% in the third quarter and 4.7% in the fourth, according to the High Commission for Planning (HCP).

Morocco’s inflation rate has remained subdued in 2026, with average price growth limited to 0.3% during the first eight months of the year. The slowdown is expected to continue through the end of 2026 before inflation picks up in 2027, when Bank Al-Maghrib forecasts a rate of 1.5%, mainly as the impact of favorable harvests on food prices fades.

Domestic demand contributed 5.6 percentage points to national economic growth in the second quarter, while household consumption accelerated compared with the same period in 2025.

Agriculture accelerated sharply while non-agricultural activities recorded a marked slowdown compared with the same quarter of 2025.

Food prices increased 0.9% over the month, while underlying inflation rose 0.2% from July and 0.1% year-on-year, according to an HCP publication.

HCP data shows a monthly drop in consumer prices, while the index also fell 0.6% compared with July 2025.

Morocco’s sharp decline in the unemployment rate—from 13% at the end of 2025 to 9.5% in the second quarter of 2026—does not reflect a surge in job creation. Instead, it is primarily the result of a methodological overhaul introduced by the High Commission for Planning (HCP), which has adopted a new generation of labor market surveys.

Morocco added 279,000 paid jobs in the second quarter of 2026, bringing the total number of people in paid employment to 10.643 million, according to the High Commission for Planning (HCP).