Morocco Tames Budget Deficit in 2025 on Higher Tax Revenue

Budget deficit stood at 61.59b dirhams ($6.8 billion) versus 61.50b dirhams the previous year, data from the kingdom’s general treasury (TGR) shows.

• Receipts rose to about 410b dirhams vs 369.7b dirhams in 2024
  • Fiscal receipts rose to 358.9b dirhams vs 314.5b dirhams in 2024 and were above the 329.7b dirhams projected under the 2025 budget bill:
  • The rise was led by 29% y/y rise in corporate tax revenue which totaled 94.8b dirhams in 2025
  • VAT tax income rose about 9% y/y to 111.3b dirhams
• Expenditure rose to 372.1b dirhams vs 333.3b dirhams in 2024
  • Increase was led by 9% rise ...