As of May 31, 2025, Morocco’s budget deficit stands at 22.85 billion dirhams (approximately 2.08 billion euros), compared to 11.23 billion dirhams at the same period a year earlier, according to data published by the General Treasury of the Kingdom (TGR).
Treasury’s ordinary revenues have increased to 171 billion dirhams, surpassing current expenditures which amount to 159 billion. This 19.6% improvement compared to May 2024 (143 billion) is mainly explained by the strong growth in tax revenues: corporate tax (IS) jumps by 36% to 40 billion dirhams, income tax (IR) increases by 27% to reach 32 billion, VAT rises by 9.4% to 44 billion, supported by a 13.8% increase in domestic VAT.
Non-tax revenues have also increased by 24.7% to reach 20 billion dirhams. Monopoly products and state holdings contributed 5.6 billion (+48.9%), while Treasury Special Accounts (CST) and autonomously managed services (SEGMA) provided an additional 14 billion.
At the same time, ordinary expenses have grown by 24% to reach 159 billion dirhams (compared to 128 billion a year earlier). This increase mainly reflects the rise in expenditures on goods and services (+26.2%, to 131 billion) and interest on debt (+13%, to 16.8 billion).
Investments, on the other hand, amounted to 48 billion dirhams, representing a 26% increase compared to May 2024 (38 billion).
Overall, the Treasury’s financing needs doubled, reaching 44 billion dirhams (compared to 22 billion a year earlier). To cover this, the state raised 23 billion in the domestic market, compared to 21 billion in the same period in 2024.
