Morocco’s national savings fell to 30.6% of gross domestic product (GDP) in the second quarter of 2026, down from 31.1% in the same period of 2025, according to the High Commission for Planning (HCP). Investment rose to 35.6% of GDP, so the gap between savings and investment widened. As a result, the economy’s financing need more than doubled to 5% of GDP, compared with 2.4% a year earlier.
The figures come from the HCP’s information note on the national economic situation in the second quarter of 2026, published on September 30.
Consumption grows faster than income
The HCP said the decline in the savings rate reflects faster growth in national final consumption, which rose 5% in current prices, compared with 3.5% in the second quarter of 2025.
Income grew more slowly. Gross disposable national income rose 4.4%, down from 7% a year earlier. This slowdown came from nominal GDP, which grew 4.4% in current prices, compared with 7.5% in the same quarter of 2025. Net income from the rest of the world partly offset it, rising 4.4% after falling 0.3% a year earlier.
In short, Moroccans spent a larger share of their income, leaving less for savings.
Investment outpaces savings
Gross investment, which includes gross fixed capital formation, changes in inventories and net acquisitions of valuables, reached 35.6% of GDP, up from 33.5% in the second quarter of 2025. With savings falling and investment rising, the national economy’s financing need widened to 5% of GDP, compared with 2.4% a year earlier. This means Morocco relied more on external financing to fund its investment.
Growth slows, but agriculture steps in
The savings data come as the economy slowed. Real GDP grew 4% in the second quarter of 2026, compared with 5.8% in the same period of 2025. This is also below the HCP’s earlier forecast of 4.8% for the quarter, published in July.
Agriculture was the main support for growth. The primary sector’s value added jumped 20.9%, compared with 7.6% a year earlier, and agriculture alone grew 21.2%.
Domestic demand remained the main driver of the economy, but at a slower pace. It rose 5%, compared with 7.5% a year earlier, and contributed 5.6 percentage points to growth, down from 10.3 points. Household final consumption spending grew 4.1%, up from 1.8% a year earlier. Gross capital formation, however, contributed only 2.4 points to growth, compared with 8.3 points in the second quarter of 2025.
Foreign trade in goods and services still weighed on growth, with a negative contribution of 1.6 points, compared with 4.5 points a year earlier. The HCP also noted a clear easing in the rise of the general price level.
