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7 clusters · 19 sources · 36 days · First seen · Last updated

Morocco fiscal deficit, rising debt, and widening trade gap

Overview

In late July 2026, Morocco’s local authorities reported a June budget surplus of 8.25 billion dirhams, bringing cumulative local-government surpluses to 71 billion dirhams. This surplus was supported by an 8.6% increase in tax collections, which reached 25.24 billion dirhams. Simultaneously, household indebtedness rose to 456 billion dirhams (27% of GDP), marking the sharpest increase since 2012. This surge was driven by growth in mortgage and consumer-credit loans, with a growing number of families facing debt exceeding 40% of their income. The delinquency rate for household loans remained at 10.3%. Corporate debt also expanded, with bank loans reaching 657 billion dirhams (39% of GDP). By early August, data from the Trésorerie générale du Royaume indicated that the state payroll had climbed 12.1% to 97.4 billion dirhams in the first half of 2026, accounting for roughly 45% of ordinary non-compensation spending. Overall public expenditures increased 15% year-on-year to approximately 287 billion dirhams by June. The execution of the 2026 Finance Law recorded a negative budget balance of 20.2 billion dirhams, with ordinary revenues of 357.8 billion dirhams against charges of 377.9 billion dirhams. By mid-August, the financial landscape showed diverging trends. While total outstanding bank credit reached 1,301.8 billion dirhams by the end of June—a 10.9% year-on-year increase—growth patterns varied. Within the private non-financial enterprise sector, loans grew by 8.2%, driven by a 15.8% surge in equipment financing. In the real estate sector, Groupe Addoha reported an 11% increase in pre-sales for the first half of 2026. Further developments in August highlighted shifts in financing methods. Maroc Leasing reported a 10.4% revenue increase for the first half of 2026, reaching 2.38 billion dirhams. Additionally, participatory finance expanded rapidly through Mourabaha real estate financing, which reached 31.5 billion dirhams by the end of June 2026, a 16.7% annual increase.

Entities

Morocco · Bank Al-Maghrib · Moroccan Authority of Capital Market · Trésorerie générale du Royaume · Onda

Timeline

  1. 11 days ago

    [BUSINESS] 6 sources
    Morocco trade deficit rises to 244.7 billion dirhams

    Morocco's trade deficit rose 26.5% to 244.69 billion dirhams in the first seven months of 2026, driven by rising imports despite strong automotive and aviation exports and a growing services surplus.

  2. 19 days ago

    [BUSINESS] 2 sources
    Morocco raises 2.25 billion euros in international bond issuance

    Morocco raised 2.25 billion euros via a two-tranche international bond issuance, seeing high investor demand, while domestic banking rates show a slight upward trend to 4.81%.

  3. 26 days ago

    [BUSINESS] 3 sources
    Moroccan financial sector shows growth in leasing and participatory finance

    Morocco's Maroc Leasing reported 10.4% revenue growth in H1 2026, while Mourabaha real estate financing surged to 31.5 billion dirhams, significantly outperforming conventional mortgage growth.

  4. about 1 month ago

    [BUSINESS] 5 sources
    Morocco reports rising bank credit and real estate growth

    Morocco's bank credit rose 10.9% to 1,301.8 billion dirhams by June 2026, while Groupe Addoha reported an 11% increase in pre-sales.

  5. about 1 month ago

    [BUSINESS] 4 sources
    Morocco's State Payroll Approaches 100 bn Dirhams as 2026 Budget Shows 20 bn Deficit

    Morocco's state payroll hit 97.4 bn dirhams in H1 2026, about 45% of ordinary spending, while the 2026 budget posted a 20.2 bn‑dirham deficit at June‑end.

  6. about 2 months ago

    [BUSINESS] 2 sources
    Morocco household debt climbs to 456 bn dirhams, highest since 2012

    Moroccan households’ debt hit 456 bn dirhams (27 % of GDP), the highest since 2012, driven by rapid mortgage and consumer‑credit growth; delinquency stays at 10.3 %.

  7. about 2 months ago

    [BUSINESS] 3 sources
    Morocco's local authorities post 8.25 bn‑dirham budget surplus for June 2026

    Morocco's local authorities recorded an 8.25 bn‑dirham surplus for June 2026, with revenues at 28.4 bn dirhams (+3.5%) and tax income over 25.2 bn dirhams (+8.6%).

Sources

alyaoum24.com · assafir24.ma · barlamantoday.com · enass.ma · financialafrik.com · infomagazine.ma · infomediaire.net · journaux.ma · lakome2.com · lemaroc360.com · lenouvelliste.ma · lepetitjournalmarocain.com · lereporter.ma · lnt.ma · maroc-actu.com · maroc24.com · mcg24.com · palestinaliberation.com · presseagence.fr

This summary has been updated 5 times: see revision history