Bank Al-Maghrib: Morocco's Industrial Activity Improves in July 2026

Bank Al-Maghrib's (BAM) monthly business survey on the industrial sector shows improved activity in Morocco in July 2026, with higher production and sales, while the capacity utilization rate (TUC) stood at 81%. The improvement masks sharp differences between industrial branches: food processing as well as chemicals and para-chemicals posted positive performance, while the mechanical and metallurgy branch declined.

Survey Methodology and Findings

Bank Al-Maghrib surveyed industrial companies between August 3 and September 4, 2026, with a 55% response rate. Results show higher production and sales on the domestic market, against a decline in export sales, confirming persistent pressure on Morocco's industrial exports.

Mixed Performance Across Branches

The survey reveals clear gaps between industrial branches in production, sales and order books, as shown in the table below:

Outlook and Why It Matters

Over the next three months, industrialists expect activity to improve in most branches, except textiles and leather, where stagnation is expected. Meanwhile, 26% of companies expressed uncertainty about future production, versus 23% for sales.

This monthly BAM indicator serves as a reference tool for tracking the pulse of the industrial sector, a key driver of growth and employment in Morocco, at a time when industrial exports remain exposed to fluctuations in foreign markets. The survey comes after Bank Al-Maghrib recently recorded an acceleration in bank credit growth to companies, signaling relative momentum in financing the national economy.