Bank Al-Maghrib’s business survey for April 2026 revealed an overall stagnation of industrial activity in Morocco, announced the central bank based in Rabat.
This opinion survey conducted among a representative sample of nearly 400 industrial companies was carried out during the period from May 1st to May 29th, 2026. The results are based on a response rate of 65%.
“Thus, BAM emphasizes that production and sales would have stagnated and the capacity utilization rate (CUR) would have remained at 78%.”
In April 2026, production in the agri-food sector would have stagnated and the CUR would have stood at 72%. As for sales, BAM’s survey indicates that they would have decreased, linked to a decrease in the local market. Shipments abroad, on the other hand, increased. Similarly, orders would have declined, with an order book below normal levels.
For the next three months, business leaders expect an increase in production and sales. However, 37% of industrialists declare uncertainties about the future evolution of production and 30% regarding sales.
Production and sales in the textile and leather sector would have shown a decrease in April 2026 in all sub-sectors except for the leather and footwear industry where it would have increased. In these conditions, the CUR would have been established at 76%. Sales would have declined both in the local and foreign markets. Similarly, orders would have decreased in all sub-sectors except for the leather and footwear industry where they would have increased.
As for order books, they would have been below normal levels. For the next three months, industrialists expect a decrease in production and a stagnation in sales. However, more than half of the companies report uncertainties about the future evolution of production and sales.
Regarding the production of chemicals and petrochemicals, it would have decreased in April 2026, and the CUR would have been established at 79%. “Similarly, BAM’s services emphasize that sales would have declined, linked to a decrease in the foreign market.” Local sales would have increased. As for orders, they would have increased with an order book above normal levels.
For the next three months, companies anticipate an increase in production and sales. “However, BAM notes that one in five companies indicate uncertainties about the future evolution of production.”
During the period under review, production in mechanics and metallurgy would have increased and the CUR would have been established at 87%. Similarly, sales would have increased both in the local and foreign markets. Also, orders would have progressed, with an order book at a normal level.
For the next three months, industrialists anticipate an increase in production and sales. However, 31% of them indicate uncertainties about the future evolution of production.
