Morocco Treasury deficit reaches 56.9 billion dirhams

Morocco's Treasury deficit reached 56.9 billion dirhams by the end of August 2026, an increase from 54.1 billion dirhams during the same period in 2025. While ordinary revenues grew by 5.5% to 286.6 billion dirhams, ordinary expenditures rose more sharply by 11.9%, reaching 281.9 billion dirhams.

The growth in revenue was primarily driven by tax collections, which increased by 10.6% to 260.1 billion dirhams. Notable contributors included corporate tax, which surged 21.6% to 73.5 billion dirhams, and domestic VAT, which rose 10.7% to 35.1 billion dirhams. Customs revenues also saw an 8.8% increase in duties.

On the expenditure side, personnel costs rose by 9.4% to 130.1 billion dirhams, while spending on other goods and services increased by 14.2% to 92.6 billion dirhams. Compensation costs saw a significant jump of 71.3%, reaching 11.1 billion dirhams. Although the ordinary balance remains positive at 4.7 billion dirhams, this is a substantial decrease from the 19.7 billion dirhams recorded in August 2025.