Morocco Household Debt Surges 6.9% in 2025 Record Growth
The debt of Moroccan households increased by 6.9% in 2025, its fastest growth in thirteen years. It now reaches 456 billion dirhams, driven mainly by the sharp acceleration of consumer credit.
Moroccan households are going into debt much more rapidly. The total outstanding debt has grown by 6.9% in 2025, compared to only 3.9% a year earlier and an annual average of 4.2% between 2016 and 2023.
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This increase, the strongest recorded since 2012, comes in a context of easing financing conditions, according to the 2025 Annual Report on Financial Stability, published jointly by Bank Al-Maghrib, ACAPS and the Moroccan Capital Markets Authority.
Household debt now represents 456 billion dirhams. Its weight in the economy remains stable at 27% of gross domestic product, with GDP itself also growing strongly in 2025.
Housing loans remain the majority and represent 60% of total debt, compared to 40% for consumer loans. But it is the latter that explains much of the observed acceleration.
Consumer credit surges
The outstanding consumer credit reached 183 billion dirhams, up 13.2% in one year, after growth of 7.9% in 2024. This surge comes mainly from financing companies, whose loans increased by 21% to reach 99 billion dirhams.
Banks recorded more modest growth of 5.6%, with 85 billion dirhams in consumer credit. Financing companies now control 53% of this market, compared to 47% for banks.
Real estate loans grew more slowly. Their outstanding amount stands at 273 billion dirhams, up 3%. This change remains below the average annual pace observed between 2016 and 2022.
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Credit growth is accompanied by a persistently high level of defaults. Non-performing household loans reached 47 billion dirhams in 2025, increasing by 5.8%. The default rate declines slightly, falling from 10.4% to 10.3%, but remains significant: approximately one dirham out of ten lent to households is classified as non-performing.
