Investment: rare alignment of three major levers
As of July 2026, Moroccan investment sees rare alignment: public spending +13.9% (69.3B DH), FDI revenues +14.4%, equipment imports +21.2%, equipment loans +32.3%. Net FDI flow +31.5% to 26.2B DH, manufacturing capacity 77.9%, budget deficit narrowed to 50.5B DH.
Investment: rare alignment of the three main levers
At end‑July 2026, the Moroccan economy shows an uncommon configuration. According to the DEPF’s Conjunctural Note, the State’s general budget investment expenditure rose by 13.9% to reach 69.3 billion dirhams, representing a 60.4% execution rate against the Finance Law forecasts. This budgetary acceleration does not come alone: it is accompanied by a 14.4% increase in foreign direct investment receipts, a 21.2% rise in imports of capital goods and a 32.3% jump in bank loans for equipment, observed at end‑June. The three levers, public finances, FDI and bank financing, are all moving in the same direction.
The external side confirms the strength of the pull. Net FDI flows surged by 31.5% at end‑June to 26.2 billion dirhams, driven by a 14.4% rise in receipts and a 20.5% fall in outflows. At the same time, outward direct investment sees its net flow soar by 169.3% to 5.7 billion, propelled by a 50.9% increase in outward investments. On trade, imports of finished capital goods climbed 21.2% to 112.3 billion, now accounting for 24.5% of total imports versus 23.3% a year earlier. Purchases of aircraft and aerospace vehicles (+136.3%), aircraft parts (+29.7%) and light commercial vehicles (+73.7%) drive this item, which has become the country’s leading import category.
Bank financing follows the same curve. Total outstanding credit accelerated to +10.9% at end‑June, reaching 1,301.8 billion dirhams. Equipment loans show the strongest acceleration among all economic purposes, at +32.3% after +20.2% a year earlier. Loans to non‑financial corporations grow by 9.5% against +3.8% at end‑June 2025. The M3 money supply gains 11.7% and official reserve assets reach 497.3 billion, covering 5 months and 27 days of goods and services imports.
This dynamic is reflected in the productive apparatus. The capacity utilisation rate in manufacturing stands at 77.9% in the second quarter of 2026, up 0.2 points year‑on‑year. Mechanical engineering and metallurgy gains one point, chemicals and parachemicals 0.7 points. On the budgetary front, the deficit narrows by 7.7% to 50.5 billion dirhams at end‑July. Revenues rise by 12.5% (28.2 billion) faster than total expenditure (+8.5%, i.e. 23.9 billion), creating fiscal space that supports the scaling‑up of public investment without slowing it.
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