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Morocco: Bank Al-Maghrib industrial surveys

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Reported information

Industry: September output flat and orders lower in BAM survey

Bank Al-Maghrib survey results reported on 4 November 2026 indicate flat industrial production and rising sales in September. Capacity utilisation is reported at 79%.

Panoramic view of Casablanca.
Casablanca, 2013 archive; geographic illustration, not a factory. elchicogris / Inkey, CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0/ ; cropped, no further changes. — elchicogris / Inkey / Wikimedia Commons — CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0/ — recadrage par Inkey, 2013, sans autre modification.

The survey ran from 1 to 29 October among industrial companies, with a 63% response rate. Orders reportedly fell in all branches except chemicals and related industries, where they were flat.

Manufacturers broadly expect improvement over the next three months, with sector exceptions. However, 32% report uncertainty about future output and 26% about sales. These are survey responses and expectations, rather than growth already achieved.

Sources 2
Reported information

Industry: 22% of respondents rate third-quarter business conditions unfavourable

Bank Al-Maghrib’s quarterly results, reported on 4 November 2026, show 69% of surveyed industrial firms describing business conditions as normal and 22% as unfavourable in the third quarter of 2026.

View of Casablanca.
Casablanca, 2013 archive; geographical illustration, not a factory. elchicogris / Inkey, CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0/; cropped by Inkey, no further changes. — elchicogris / Inkey / Wikimedia Commons — CC BY-SA 2.0 https://creativecommons.org/licenses/by-sa/2.0/ — recadrage par Inkey, 2013, sans autre modification.

Unfavourable assessments reached 27% in textiles and leather, 25% in food manufacturing and 19% in chemicals and related industries. Supply conditions were rated normal by 81% of firms and difficult by 17%, according to accounts of the survey.

Investment reportedly increased across the branches studied except textiles and leather. Firms financed 75% of it with their own funds and 25% through credit. These are company responses to a quarterly survey: the proportions do not measure national growth or an actual increase in future investment.

Sources 3