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9 clusters · 22 sources · 68 days · First seen · Last updated

Morocco fiscal deficit, rising debt, and widening trade gap

Overview

By the end of August 2026, Morocco’s Treasury deficit rose to 56.9 billion dirhams, up 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 increased more rapidly by 11.9%, reaching 281.9 billion dirhams.

Revenue growth was largely fueled by a 10.6% increase in tax collections, totaling 260.1 billion dirhams. Key drivers included a 21.6% surge in corporate tax (73.5 billion dirhams), a 10.7% rise in domestic VAT (35.1 billion dirhams), and an 8.8% increase in customs duties. On the expenditure side, personnel costs rose 9.4% to 130.1 billion dirhams, and compensation costs experienced a significant jump of 71.3%, reaching 11.1 billion dirhams.

Economic pressure has also intensified in the trade and debt sectors. Morocco’s trade deficit reached 282.615 billion dirhams during the first eight months of 2026, a 25.4 percent increase compared to the same period in 2025. This widening gap was driven by a 15.8 percent rise in goods imports—primarily energy bills (up 32.6 percent) and raw materials (up 63.3 percent)—which outpaced an 8.7 percent growth in exports. Consequently, the coverage ratio declined by 3.5 points to 54.2 percent.

Additionally, Morocco’s net debt rose to approximately 776 billion dirhams at the end of June 2026, up from 765.9 billion dirhams in March. According to the Foreign Exchange Office, total financial obligations to foreign entities reached 1.5399 trillion dirhams, while external financial assets stood at 763.9 billion dirhams.

Entities

Morocco · Bank Al-Maghrib · Trésorerie générale du Royaume · Office des changes · Moroccan Authority of Capital Market

Timeline

  1. [BUSINESS] 2 sources
    Morocco trade deficit rises to 282.6 billion dirhams

    Morocco's trade deficit rose 25.4% to 282.615 billion dirhams in the first eight months of 2026 as import growth outpaced exports.

  2. [BUSINESS] 2 sources
    Morocco Treasury deficit reaches 56.9 billion dirhams

    Morocco's Treasury deficit rose to 56.9 billion dirhams by August 2026 as spending growth outpaced a 5.5% increase in ordinary revenues.

  3. [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.

  4. [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%.

  5. [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.

  6. [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.

  7. [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.

  8. [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 %.

  9. [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

aljarida24.ma · alyaoum24.com · assafir24.ma · barlamantoday.com · enass.ma · financialafrik.com · ihata.ma · infomagazine.ma · infomediaire.net · journaux.ma · lakome2.com · lemaroc360.com · lenew.ma · lenouvelliste.ma · lepetitjournalmarocain.com · lereporter.ma · lnt.ma · maroc-actu.com · maroc24.com · mcg24.com · palestinaliberation.com · presseagence.fr

This summary has been updated 8 times: see revision history