Fitch maintains Morocco’s sovereign rating at BB+, but warns that investments for the 2030 World Cup could weaken public finances if costs overrun or if the state provides increased support to the companies in charge of the projects.
U.S. companies exported $4.069 billion worth of goods to Morocco between January and July 2026, compared with $804.4 million to Algeria. This one-to-five gap is accompanied by completely opposite trade balances.
Morocco’s imports of parts for passenger cars now exceed those of the cars themselves. As of the end of July 2026, their value reached 24.6 billion dirhams, compared with 23.2 billion for imported vehicles.
Turkish sales to Morocco have risen by 11.7 % since January, despite measures taken to protect domestic production. This new surge is reviving the debate over a free-trade agreement that remains highly favorable to Ankara.
The Moroccan dirham gained ground this week against the two main currencies used by MREs. It appreciated by 0.2% against the euro and by 0.1% against the dollar between 6 and 12 August, according to the latest weekly indicators from Bank Al-Maghrib.
Moroccan products sold to Israel are nearly four times more significant when their true origin is considered rather than the country from which they are invoiced. A discrepancy of more than 33 million dollars appears in Israel’s own customs data.
Moroccans residing abroad transferred 61.5 billion dirhams to Morocco in the first half of 2026. Over the same period, the country’s energy bill reached 68.6 billion. A gap that did not yet exist a year earlier.
The Moroccan state’s salary expenditure rose sharply in the first half of 2026, now approaching 100 billion dirhams.
Morocco’s budget deficit stood at nearly 24 billion dirhams in the first half of 2026. But excluding debt interest payments, the imbalance in public finances falls to just 81 million dirhams.
The rise in energy bills is expected to widen Morocco’s external deficit in 2026. However, remittances sent by Moroccan expatriates, along with tourism revenues, will help absorb part of the shock.
Morocco obtained revenues equivalent to 2% of GDP in 2025 through sale-leaseback operations on state-owned real estate. A solution that brings immediate money to the budget, but then requires the administration to rent the buildings it sold.
The government is cracking down on tax fraud. Before parliament, the Budget Minister unveiled sharply higher revenues and an economy resilient to drought, setting an ambitious course for public finances.