FX.co ★ Morocco Factory Activity Shrinks in Q1

Manufacturing output in Morocco declined by 1.4% year-on-year in Q1 2026, its first contraction since Q2 2023, following a 4% surge in the previous quarter. The downturn was driven primarily by lower production in several key branches: other non-metallic mineral products (-8.6%), food industries (-3.5%), clothing (-8.1%), electrical equipment (-11.3%), fabricated metal products excluding machinery (-5.8%), chemicals (-1.4%), and metallurgy (-8.9%). By contrast, production increased in the automotive sector (+4.5%), other transport equipment (+28.2%), pharmaceuticals (+4.5%), computer, electronic and optical products (+7.1%), and beverage manufacturing (+2.1%).