Morocco’s national savings rate climbed to 29.7 percent of gross domestic product in the third quarter of 2025, up from 28.7 percent in the same period last year, reflecting a combination of slower consumption growth, stronger income flows from abroad and rising investment levels, official data showed.
Morocco’s economy closes 2025 on strong domestic demand despite widening trade deficit Figures released by the High Commission for Planning (HCP) point to a gradually shifting macroeconomic balance, with households and institutions saving a larger share of national income even as investment activity continued to accelerate.
According to the HCP, the rise in national savings was largely underpinned by a moderation in final national consumption. Consumption growth slowed to five percent year on year in the third quarter of 2025, compared with 6.1 percent in the same period of 2024, easing pressure on domestic resources and allowing savings to increase.
The data also highlighted the growing role of income from abroad in supporting the national economy. Net income received from the rest of the world surged by 14.5 percent in the third quarter of 2025, following a marginal increase of just 0.5 percent a year earlier. This sharp rebound reflects stronger transfers and earnings linked to Moroccans living overseas, as well as improved external income flows.
Despite the strong contribution from abroad, growth in gross national disposable income slowed compared with last year. The HCP said gross national disposable income rose by 6.2 percent year on year in the third quarter, down from 8.2 percent in the same period of 2024, indicating a more moderate expansion in overall income levels.
Investment dynamics, however, continued to strengthen, reinforcing Morocco’s push to support medium-term growth. Gross investment accounted for 32.6 percent of GDP in the third quarter of 2025, up from 31 percent a year earlier, highlighting sustained capital spending by both the public and private sectors.
This combination of rising investment and higher savings has widened the financing needs of the national economy. According to the HCP, Morocco’s financing requirement increased to 2.9 percent of GDP in the third quarter of 2025, compared with 2.3 percent in the same period last year, pointing to greater reliance on external funding to bridge the gap between investment and savings.
Economists say the figures reflect a broader trend in which Morocco is balancing domestic demand with efforts to strengthen macroeconomic stability. Slower consumption growth can help contain external imbalances, while higher investment is seen as critical to boosting productivity, employment and long-term growth.
The rise in savings also comes against a backdrop of ongoing structural reforms aimed at improving fiscal discipline, encouraging private investment and enhancing the resilience of the economy to external shocks. Authorities have repeatedly stressed the importance of mobilising domestic savings to support development while maintaining access to international financing on sustainable terms.
Income flows from abroad remain a key pillar of Morocco’s external position. Remittances from Moroccans living overseas have long provided a stable source of foreign exchange, supporting household incomes and contributing to national savings. The sharp increase recorded in the third quarter of 2025 underscores their continued importance at a time of global economic uncertainty.
At the same time, the widening financing gap highlights challenges linked to sustaining high levels of investment without increasing vulnerabilities. Higher financing needs can translate into greater external borrowing or reliance on foreign capital inflows, making the economy more exposed to shifts in global financial conditions.
Overall, the HCP said the third-quarter figures point to an environment marked by stronger savings and investment levels, coupled with evolving consumption patterns and rising income from abroad. While these trends support growth prospects, they also underline the importance of carefully managing external financing requirements to preserve macroeconomic stability.
As Morocco moves into the final quarter of 2025 and beyond, policymakers are expected to continue focusing on boosting productive investment, strengthening domestic resource mobilisation and maintaining a balance between growth and financial sustainability.
