Real GDP growth in 2025 accelerated to an estimated 4.9 percent, supported by a rebound in agricultural output and a surge in large-scale infrastructure projects. Nonetheless, high unemployment remains a significant challenge. Average inflation remained low at 0.8 percent, allowing Bank Al-Maghrib to maintain a neutral policy stance after earlier rate cuts. The current account widened to 2.1 percent of GDP as imports rose with investment, partly offset by buoyant tourism. Strong revenue performance facilitated a smaller than anticipated overall fiscal deficit at 3.5 percent of GDP, despite higher than budgeted spending on public investment and transfers for state-owned enterprises.Read More