Morocco's budget deficit stood at 55 billion dirhams at the end of July 2025, compared to MAD 40.2 billion in the same period of 2024, according to the Ministry of Economy and Finance.

This deterioration is explained by a faster increase in expenditure (+43.4 billion DH) compared to revenue (+28.7 billion DH), according to the situation of expenses and resources of the Treasury (SCRT).

Morocco's budget deficit stood at 55 billion dirhams (MMDH) at the end of July 2025, compared to 40.2 billion over the same period in 2024, according to recent data from the Ministry of Economy and Finance. This deterioration is explained by a more rapid increase in expenditure (+43.4 billion MAD) compared to revenue (+28.7 billion MAD), according to the situation of expenses and resources of the Treasury (SCRT

Despite the increase in the deficit, net revenues increased significantly. They reach a rate of achievement of 57.4% of the forecasts of the Finance Law, with an annual growth of 14.5%. Tax revenue, the main driver, amounts to MAD 201.8 billion, an increase of MAD 27.7 billion compared to the previous year, representing a realization rate of 63.1%. This dynamic reflects the effectiveness of revenue mobilization by the tax administration and the impact of reform measures undertaken in recent years.

Regular expenses were MAD 213.9 billion, up by MAD 25.1 billion. This increase is due in particular to the increase in personnel expenses (+MAD 10.7 billion), other goods and services (+MAD 14 billion) and debt interest (+MAD 4.9 billion). At the same time, compensation expenses fell by MAD 4.5 billion, thanks to the reduction of subsidies on butane gas, sugar and flour, thus helping to partially contain the increase

Capital expenditure reached MAD 60.8 billion, up by MAD 3.5 billion, representing a completion rate of 57.6% compared to annual forecasts. As for the special accounts of the Treasury, they show a negative balance of MAD 7 billion, against a surplus of MAD 7.8 billion a year earlier, reflecting tighter budgetary flows on certain specific programmes