Credit : DR The majority of industrial companies in Morocco described the overall business climate as “normal” during the first quarter of 2026, according to Bank Al-Maghrib.
The central bank reported that 68% of manufacturers considered conditions “normal,” while 22% described them as “unfavorable.”
By sector, 68% of firms in the food industry and 59% in the textile and leather sector reported a “normal” business climate. In contrast, 80% of companies in the chemical and para-chemical industry described conditions as “normal,” with 13% considering them “favorable.” In the mechanical and metallurgical sector, 71% reported “normal” conditions and 24% “favorable.”
Regarding supply conditions, 73% of companies described them as “normal,” while 26% reported difficulties. The textile and leather sector recorded the most stable conditions, followed by mechanical and metallurgical industries, while the food sector reported the highest level of difficulty.
Employment levels increased overall compared to the previous quarter, driven by gains in the mechanical, metallurgical, and chemical industries. However, employment declined in the food and textile sectors.
For the second quarter of 2026, companies expect an overall decrease in employment, particularly in the chemical sector. Meanwhile, increases are anticipated in mechanical and metallurgical industries and in textiles, with stability expected in the food sector.
Production costs rose for 54% of industrial firms and remained stable for 43%.
As for cash flow, 87% of companies described their situation as “normal,” while 9% reported difficulties. The mechanical and metallurgical sector stood out, with 11% of firms describing their financial situation as “comfortable.”
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