oroccan manufacturers eased off in August. Bank Al-Maghrib’s monthly business survey, conducted from September 1 to 30 with a 62% response rate, shows output falling from July: 37% of respondents reported a drop against 14% reporting a rise, an opinion balance of -23 points, after +27 the month before. Sales are said to have stagnated, new orders weakened and capacity utilization stood at 80%. Only agri-food escaped the downturn, with output rising. Textiles and leather took the hardest hit: output, sales and orders fell in every sub-sector, the orders balance sinking to -72 points and 63% of the branch’s manufacturers judging their order books below normal.
These figures measure opinions, not volumes: the central bank itself notes that they do not necessarily reflect its own view. Mechanical and metal industries ran at 86% of capacity and judge their order books normal; chemicals and para-chemicals ran at 81% despite lower output, their sales lifted by shipments abroad. For the next three months, business owners are nonetheless optimistic: the balance of expected output stands at +39 points and that of sales at +37, with gains expected in every branch except agri-food sales. More than one firm in four still admits it cannot tell what comes next. The autumn will tell whether August was a summer air pocket or the first sign of a more lasting slowdown.
Photo: JOSIANE P., CC BY-SA 3.0. The port and industrial zone of Jorf Lasfar.
Bank Al-Maghrib - Enquête mensuelle de conjoncture dans l’industrie, n° 234, août 2026
