Casablanca – Morocco’s economy maintained solid momentum throughout 2025, supported by strong performances in key strategic sectors, particularly electricity production and the phosphate industry. Recent economic indicators show that these two pillars played a central role in sustaining growth, reinforcing export revenues, and meeting rising domestic demand, at a time when global economic conditions remained uncertain and commodity markets volatile.

According to the latest economic outlook published by the Directorate of Financial Studies and Forecasts under the Ministry of Economy and Finance, national electricity production increased by 6.1% during the first ten months of 2025. This represents a clear acceleration compared with the same period in 2024, when growth was limited to 2.2%, reflecting both higher consumption and improvements in production capacity.

The expansion in electricity output was driven by contributions from multiple operators. Private-sector electricity production rose by 7.7%, confirming the growing role of independent power producers in Morocco’s energy landscape. At the same time, production by the National Office of Electricity and Drinking Water increased by 7.2%, underlining the continued importance of public infrastructure in ensuring supply stability. A particularly notable development was the sharp rise in production by national third-party operators, whose output expanded by more than 45%, highlighting increased diversification within electricity generation channels.

Alongside production growth, net electricity consumption rose by 7.5% by the end of October 2025, reaching its highest level in more than twelve years. This compares with a more modest increase of 3.6% recorded a year earlier and reflects stronger activity in energy-intensive sectors such as manufacturing, construction, and services. To meet this rising demand, Morocco increased electricity imports by 26.2% during the same period, while electricity exports declined by nearly 31%, signaling a strategic shift toward prioritizing domestic needs over external sales.

Beyond the energy sector, the phosphate industry once again proved to be a cornerstone of Morocco’s economic performance. By the end of October 2025, export revenues from phosphates and their derivatives exceeded $8.31 billion, representing year-on-year growth of 16.7%. This strong performance was driven by a 15% increase in exports of processed phosphate products, along with a sharp 33.9% rise in raw phosphate exports, supported by sustained global demand for fertilizers.

The resilience of the phosphate sector significantly contributed to Morocco’s export earnings and foreign currency inflows, helping offset weaker results in some other export-oriented industries. In a global context marked by concerns over food security and agricultural productivity, Morocco further consolidated its position as a reliable supplier of phosphate-based products, which remain essential inputs for agricultural systems worldwide.

The agriculture and fisheries sector also recorded positive, though uneven, results. Export revenues from these activities exceeded $3.46 billion during the first ten months of 2025, reflecting growth of 7.3% compared with the same period of the previous year. However, this overall increase masked divergent trends within the sector. Coastal and artisanal fishing landings declined by 15% by the end of November, largely due to a sharp reduction in pelagic fish catches. This decline was partially offset by higher catches of white fish and seaweed, which helped limit the overall contraction.

Manufacturing activity showed moderate but steady improvement. The industrial production index rose by 2.2% by the end of September, supported by strong growth in several branches. Food processing industries recorded double-digit growth, while the production of metallic and non-metallic materials, chemicals, automotive components, and rubber and plastic products all posted positive results. These trends reflect continued domestic demand and Morocco’s sustained integration into regional and international value chains.

The construction sector also contributed to economic momentum in 2025. Cement sales increased by 10% by the end of November, driven mainly by higher demand for ready-mix concrete. This performance aligns with ongoing infrastructure projects and a gradual recovery in real estate activity. Housing loans expanded by more than 3% during the first ten months of the year, pushing outstanding real estate credit above $32.89 billion, a sign of improved financing conditions and continued demand for housing.

On the external trade front, total goods exports rose by 2.6% by the end of October, reaching approximately $39.71 billion. In addition to phosphates, growth was supported by agricultural exports and the aerospace industry, which continued to post solid gains. However, other sectors faced headwinds, particularly textiles and leather, where exports declined due to weaker demand in key markets and increased competitive pressure.

Overall, economic indicators for 2025 highlight the stabilizing role played by electricity production and the phosphate industry in Morocco’s growth trajectory. These sectors not only supported output and exports but also helped cushion the impact of uneven performance across other areas of the economy and external shocks.

At the same time, the data point to ongoing challenges, including continued reliance on energy imports, sectoral disparities, and sensitivity to global market fluctuations. As Morocco moves forward, consolidating gains in strategic sectors while accelerating diversification, energy efficiency, and industrial upgrading is likely to remain essential for sustaining growth and strengthening economic resilience in the years ahead.