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Morocco fiscal deficit, rising debt, and widening trade gap

Updated 5 times since CLSTR started tracking revisions of this situation.

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2026-08-24 04:30 UTC → 2026-09-01 14:27 UTC · added removed

Morocco fiscal deficit and deficit, rising debt pressures debt, and widening trade gap

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. Credits to financial agents rose 15.2%, while non-financial agent credits rose 9.9%. Within the private non-financial enterprise sector, loans grew by 8.2%, driven by a 15.8% surge in equipment financing. Household credit rose 3.4%, with consumer loans (4.6%) outpacing housing loans (2.7%). 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. 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.

Versions

  1. 2026-09-01 14:27 UTC Morocco fiscal deficit, rising debt, and widening trade gap
  2. 2026-08-24 04:30 UTC Morocco fiscal deficit and rising debt pressures
  3. 2026-08-17 15:55 UTC Morocco fiscal deficit and rising debt pressures
  4. 2026-08-11 18:11 UTC Morocco fiscal deficit and rising debt pressures
  5. 2026-08-02 21:36 UTC Morocco fiscal deficit and debt pressures
  6. 2026-07-28 11:00 UTC Morocco fiscal surplus and debt trends

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