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File · Morocco: Bank Al-Maghrib industrial surveys

Industry: September output flat and orders lower in BAM survey

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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%.

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.

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