Moroccan Construction Growth Slowed to 2.8% From 7.6% as Non-Agricultural Growth Fell to 1.5%
Moroccan construction value added grew 2.8% in the second quarter, down from 7.6% a year earlier, while non-agricultural activity slowed to 1.5% from 4.9%.
Value added in Moroccan construction grew 2.8% in the second quarter of 2026 against the same quarter of 2025, down from 7.6% a year earlier, according to the quarterly national accounts the Haut-Commissariat au Plan released on 30 September. The whole economy grew 4.0%, against 5.8% in the second quarter of 2025 — but that headline conceals a sharper split than the two percentages suggest.
The headline growth rate is an agricultural number
Agricultural activity grew 21.2% over the year, up from 8.3% in the same quarter of 2025. Non-agricultural activity went the other way, slowing to 1.5% from 4.9%. In other words, the 4.0% that describes the Moroccan economy as a whole is carried by a harvest, and the part of the economy in which homes are commissioned, financed, built and bought expanded by less than half the headline rate. For anyone reading Moroccan growth as a proxy for property demand, that distinction does most of the work.
Against that benchmark, construction looks less weak than it reads
A fall from 7.6% to 2.8% is a steep deceleration on its own terms. Set beside the 1.5% recorded for non-agricultural activity as a whole, it is something else: construction grew nearly twice as fast as the non-agricultural aggregate it belongs to in the same quarter. The sector slowed, and it still outpaced its own surroundings. Read that way, the quarter describes neither a collapse nor a boom, but a building industry decelerating inside a non-farm economy that decelerated harder.
What the release does not contain
It is worth being explicit about the limits of this publication, because the gaps matter as much as the figure. The note carries no housing starts, no house price index, no mortgage or housing-credit data, no cement consumption series and no breakdown of construction investment. It also gives no numeric figure for domestic demand, investment or household consumption, and offers no forecast for the coming quarter. Construction value added measures the output of the sector in money terms; it does not say how many homes were begun or completed, and it cannot be read as a supply count.
Our own Moroccan price is a year behind, too
Glopra's Moroccan price level is 1,498.22 US dollars per square metre, converted from 14,042 Moroccan dirhams — the national average advertised apartment price in the 2025 annual market report of Morocco's largest property portal, covering January to December 2025. The matching rent of 8.59 US dollars per square metre a month comes out of that same report: 8,740 dirhams a month for an unfurnished apartment in the first half of 2025, set against the 109-square-metre average advertised floor area the report prints. One publisher, one national geography, one apartment segment — which is why the two halves describe the same market and not two different ones.
Both halves are advertised prices rather than registered transactions, and a portal's listings lean toward the newer, more urban and more expensive end of the stock, so the level should be read as an asking price and not as a stock-weighted transaction price. Put next to today's release, that limitation says something about Morocco rather than about us: a country can report construction output to a tenth of a percentage point every quarter, while the price of a Moroccan square metre is knowable only from a portal's annual round-up. The output side of this market is measured far more closely than the price side.
Sources: Haut-Commissariat au Plan, Situation economique nationale au deuxieme trimestre 2026, Rabat, 30 September 2026 https://www.hcp.ma/Situation-economique-nationale-au-deuxieme-trimestre-2026_a4350.html