All These Construction Projects in Morocco… Yet Cement Sales Fall by 11 %
Morocco continues to be driven by a powerful investment cycle. But behind the major construction projects, the World Bank is identifying the first signs of a slowdown: in the first quarter of 2026, cement sales fell by 11 % year on year.
The Moroccan economy continues to move forward at a sustained pace, but not all indicators are progressing in the same direction anymore. While investment remains one of the main drivers of growth, the first months of 2026 point to a loss of momentum in certain industrial activities and in construction.
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In its Report on Monitoring Morocco’s Economic Situation, the World Bank notably recorded an 11 % year-on-year decline in cement sales in the first quarter. The industrial capacity utilization rate also fell by 1.2 points between December and March.
These figures stand out in an economy still strongly supported by investment. Gross fixed capital formation is expected to grow by 11.2 % in 2026, with major infrastructure projects remaining one of the main drivers of activity.
Preparations for the 2030 World Cup are contributing to this momentum. The World Bank considers major infrastructure projects, including those linked to the competition, to be one of the factors that have supported Morocco’s growth cycle.
Growth slows outside agriculture
The decline in cement sales does not mean that Morocco’s major construction projects have stopped. The World Bank instead presents it as one of the high-frequency indicators signaling a slowdown in industry and construction at the beginning of 2026.
For now, this weakness is being offset by an exceptional agricultural season. Thanks to highly favorable rainfall, agricultural GDP is expected to surge by 14 % this year, while non-agricultural growth is expected to slow to 3.1 %.
Overall, Moroccan growth is still expected to reach 4.2 % in 2026, after 4.9 % in 2025. But behind this solid figure, the composition of activity is changing: agriculture is accelerating sharply while several indicators in industry and construction are beginning to lose momentum.
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The 11 % drop in cement sales is therefore less a sign that major construction projects have stopped than an initial warning: despite the investment boom, certain parts of the Moroccan economy are already showing signs of losing momentum.
