Morocco’s goods exports reached $5.2 billion in June 2026, about 39% above their 2021–2026 average of $3.8 billion; a gap that large had not appeared in the preceding 58 months. That reading preceded the July endpoint of an inflation finding that was later replaced by a newer version: annual inflation had fallen for 3 straight months, from 1.67% in April 2026 to -0.59% in July 2026, a reported decline of 2.3 percentage points.
The annual findings recorded continued increases in income and savings measures. GDP per person at constant prices had risen for 3 straight years, from $3,300 in 2022 to $3,600 in 2025, up 9.1%. Gross savings as a share of GNI had also risen for 3 straight years, from 27.3% in 2022 to 29.8% in 2025, up 2.5 percentage points. A gross domestic savings finding, later replaced by a newer version, recorded a sustained increase over 4 consecutive years, from 18.98% of GDP in 2022 to 22.71% in 2025, up 3.73 percentage points.
Short-term debt as a share of export earnings had fallen for 4 straight years, from 21.3% in 2020 to 10.9% in 2024, a reported decline of 10 percentage points. Taken together, the Q3 2026 findings documented an unusually high June export reading followed by a lower July inflation endpoint, alongside earlier annual increases in real GDP per person and savings and a decline in the short-term debt ratio. The observations covered different periods rather than a common quarter-long movement.
The findings were statistically detected from multilateral-source data and checked before publication; the supplied material did not identify the sources by name. This brief covered findings published during Q3 2026, including two marked as later replaced by newer versions.