Rue20 Spanish/Rabbat
The latest economic indicators published by the Directorate of Financial Studies and Forecasts (DEPF) of the Ministry of Economy and Finance of Morocco reveal an economy with contrasting but positive growth in 2025, driven mainly by the electric energy and phosphate sectors. These key sectors act as buffers against global economic uncertainty.
– Announcement –
According to the DEPF’s December situation report, national electricity production experienced an increase of 6.1% in the first ten months of 2025. This growth was driven by both the private sector (+7.7%) and the National Office of Electricity and Drinking Water (ONEE, +7.2%). This increase reflects strong demand, especially in the industrial sector, and an improvement in the capacity of the national electrical system.
Net electricity consumption soared by 7.5%, reaching its highest level in the last twelve years, surpassing the 3.6% growth recorded in 2024. This increase confirms the recovery of economic activity. In parallel, electricity imports increased significantly (+26.2% at the end of October), indicating increased pressure on the grid and continued dependence on regional energy exchanges.
The extractive sector, dominated by phosphates and their derivatives, is consolidated as another strategic pillar of the economy. At the end of October 2025, phosphate exports exceeded Dh80.6 billion, a year-on-year increase of 16.7%. This performance is based on the strong growth in sales of derived products (+15%) and, above all, a notable increase in exports of raw phosphate (+33.9%).
In a global market marked by challenges in food security and agricultural fertilization, Morocco reinforces its position as a key supplier, strengthening its external balances and its foreign exchange earnings.
Agricultural and fishery exports also recorded an increase, reaching 33.5 billion dirhams in the first ten months of the year (+7.3%), similar to the pace of 2024. However, this result masks some weaknesses. Coastal and artisanal fishing landings fell by 15% at the end of November, affected by the decrease in pelagic fish (-18.5%). On the contrary, catches of white fish (+8%) and seaweed (+24%) showed a positive evolution.
– Announcement –
Regarding the manufacturing industry, the production index increased by 2.2% at the end of September, driven by sectors such as the agri-food industry (+11.3%), metallurgy and non-metallic mineral products (+12.2%), chemicals (+4.3%) and automotive (+7.4%). The manufacturing of rubber and plastic products stood out with double-digit growth (+16.2%).
The construction sector is also benefiting from the economic recovery. Cement sales increased by 10% at the end of November, driven by strong demand for ready-mix concrete (+26.6%). Real estate loans follow the same trend, with an increase of 3.2%, exceeding 319 billion dirhams, while housing loans increased by 3.3%.
Regarding foreign trade, total exports of goods reached 385.2 billion dirhams at the end of October, an increase of 2.6%. This growth was driven by fertilizers (+15.5%) and aeronautics, whose exports amounted to 23.7 billion dirhams (+8.3%). On the other hand, the textile-clothing sector experienced a decline (-3.9%), affected by the decrease in ready-made garments and knitted items.
In summary, the data confirm the central role of electricity and phosphates in Morocco’s economic resilience in 2025, compensating for sectoral weaknesses and supporting investment, employment and macroeconomic balances. The key challenge for the future is economic diversification, with the aim of reducing structural dependencies and consolidating more inclusive and sustainable growth.
