Morocco Finance Ministry: Growth Hits 4.9%, Jobless 13.5%
An official Finance Ministry report confirms Morocco's growth reached 4.9% in 2025, while unemployment stayed structurally high, between 12% and 13.5%.
A report by Morocco's Directorate of Studies and Financial Forecasts, part of the Ministry of Economy, Finance and Administration Reform, has confirmed that national growth accelerated to 4.9% in 2025, up from 4.4% in 2024, even as unemployment remained structurally high, ranging between 12% and 13.5% in recent years, compared with 9% to 10% before 2020.
Positive financial indicators in 2025
The report states that inflation did not exceed 0.8% in 2025, while the budget deficit narrowed to 3.5% of GDP, an improvement of 0.3 points from the previous year. Ordinary state revenues rose 14.2%, outpacing total spending growth of 12%. Remittances from Moroccans abroad rose 2.6%, and consumer loans grew 5%. The acceleration follows an announcement by the High Commission for Planning projecting growth of 4.7% for the fourth quarter of 2026.
Structural unemployment despite faster growth
Despite the macroeconomic improvement, the report attributes persistent unemployment to structural factors: insufficient creation of qualified jobs, a mismatch between training and labor-market needs, the weight of the informal sector, and regional, gender and age disparities. By contrast, data from the National Social Security Fund (CNSS) show formal wage employment rose from 1.85 million positions in 2017 to 2.51 million in 2024, an average annual growth rate of 5.2%.
| Indicator | Before 2020 | Recent years |
|---|---|---|
| Unemployment rate | 9% - 10% | 12% - 13.5% |
| Formal wage employment (positions) | 1.85 million (2017) | 2.51 million (2024) |
| Sectoral labor mobility rate | 4.4% (2018) | 5.6% (2024) |
Structural imbalances in the growth model
The Directorate notes that average long-term growth declined over time, from 4.6% during 2000-2011 to 3.3% between 2012 and 2017, then settling at 3.2% from 2018 to 2023, with labor's contribution to growth turning negative in recent years amid growing reliance on capital accumulation. A study covering 2004-2022 found labor productivity accounted for 86% of per-capita GDP growth, versus just 13% for employment, while demographic factors reduced that growth by an average 0.6 points annually between 2000 and 2023 due to a rising dependency ratio.
On investment, foreign direct investment income jumped 28% in 2025, capital goods imports rose 13.3%, and equipment loans grew 25.4%, while state budget equipment spending rose 6.7%. The Directorate recommends strengthening coordination between vocational training and labor-market needs, supporting micro, small and medium enterprises and youth-led ventures, and adopting employment policies that account for regional disparities and target the most vulnerable groups.