The Moroccan economy at a glance
The key indicators, their latest official value and what they tell us.
Bank Al-Maghrib policy rate
2.25%
Decision of 22 September 2026
Held at 2.25% since the March 2025 cut. Next Board meeting: 15 December 2026.
Sources: Bank Al-Maghrib, monetary policy statements; Boursenews, September 22, 2026.
Year-on-year inflation
0.5%
September 2026
The price index rose 1.0% month on month. Core inflation: 0.6% year on year. Food: -2.5% year on year; non-food: +2.8%.
Source: HCP, consumer price index for September 2026, October 22, 2026.
Real GDP growth
4.9%
2025
After 4.4% in 2024 (semi-final accounts). GDP at current prices: MAD 1,720.2 billion in 2025.
Source: Médias24, citing HCP national accounts, June 8, 2026.
Unemployment rate
9.5%
Q2 2026
First reading of the HCP's new EMO 2026 labour force survey, not directly comparable with earlier series. Urban: 11.9%; rural: 5.4%; ages 15-24: 27.2%.
Source: Challenge, citing the HCP, August 4, 2026.
Official reserve assets
515.4 MAD bn
As of 9 October 2026
Up 22.6% year on year.
Source: Boursenews, citing Bank Al-Maghrib, October 17, 2026.
Budget deficit
3.5% of GDP
2025
That is MAD 60.5 billion. Bank Al-Maghrib forecasts 3.4% of GDP in 2026.
Source: Challenge, citing the Ministry of Economy and Finance.
Debt ratio
67.2% of GDP
End of 2025
According to the Treasury's statement of expenses and resources.
Source: Challenge, citing the Ministry of Economy and Finance.
MASI index
17,007.86 pts
Close of 21 October 2026
-9.76% since the start of the year, after +27.57% in 2025. Market capitalisation: about MAD 1,000.7 billion.
Sources: Boursenews, close of 21 October 2026, October 21, 2026; Boursenews, 2025 review.
Bank Al-Maghrib's forecasts
| Indicator | Year | Current forecast | Previous forecast |
|---|---|---|---|
| Growth | 2026 | 4.4% | 5.2% |
| Growth | 2027 | 2.9% | 3.1% |
| Inflation | 2026 | 0.7% | 1.5% |
| Inflation | 2027 | 1.5% | 2.1% |
Source: Bank Al-Maghrib, Board meeting of 22 September 2026, via Boursenews, September 22, 2026.
Dashboard updated on October 28, 2026. Each value is taken from an official release or a media outlet citing it.