The budget deficit of Morocco has deteriorated significantly during the first nine months of 2025, reaching $5.05 billion by the end of September, compared to $2.6 billion at the same period in 2024, according to the latest data published by the General Treasury of the Kingdom (TGR). The same source mainly attributes this worsening to the reversal of the balance of the Treasury’s special accounts and autonomously managed State Services (SEGMA), which shifted from a surplus of $1.7 billion in 2024 to a deficit of $200 million this year.
On the revenue side, the indicators remain positive. Ordinary revenues increased by 17% year-on-year, reaching $31.07 billion, driven by strong tax performance. Corporate tax increased by 32%, generating $7.5 billion, while income tax rose by 16.9% to reach $5.1 billion. Value-added tax grew by 9.4% to $8 billion, mainly due to the dynamics of its domestic component. Non-tax revenues also increased by 23.4%, reaching $4.1 billion, largely thanks to the increase in contributions from public enterprises and monopolies, which contributed $1.6 billion, up by 32.8%.
In parallel, ordinary expenses saw a significant increase of 18.9%, reaching $28 billion. This increase is explained by a rise in goods and services expenses, which reached $21.9 billion, as well as an increase in debt interest, which amounted to $3.7 billion.
Investment spending continued to rise, totaling $7.8 billion by the end of September, compared to $7.2 billion a year earlier, representing a 7.2% increase. This level of investment reflects sustained public effort, particularly in infrastructure, in anticipation of major sporting events that the country is preparing to host.
The widening of the budget deficit logically resulted in an increased financing need for the Treasury, reaching $7.1 billion, compared to $3.6 billion a year earlier. To cover this need, the government primarily mobilized the domestic market to the tune of $4.5 billion. External financing was also sought amounting to $2.5 billion, contrasting with the surplus of $450 million recorded in 2024.
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