Morocco’s budget deficit had declined as of the end of September 2024 to MAD 26.6 billion, dropping from MAD 35.2 billion deficit during the same period the year before, according to the Kingdom’s General Treasury (TGR).
The TGR’s recent Monthly Bulletin of Public Finance Statistics highlights that the deficit was offset by a positive balance of MAD 17.3 billion from special Treasury accounts (CST) and autonomous state services (SEGMA).
Total gross ordinary revenues were MAD 264.8 billion, reflecting a significant 12.5% increase compared to September 2023. The growth is attributed to rises in direct taxes (up 13.6%), customs duties (up 11.8%), indirect taxes (up 16.3%), and registration and stamp duties (up 2.7%), along with non-tax revenues rising by 4.1%.
On the expenditure side, ordinary spending increased slightly by 2.8%. This included a 6.3% rise in expenditures on goods and services and an 18.6% jump in interest payments on debt, despite a substantial decline of 60.9% in subsidy expenditures.
As of the end of September 2024, total general budget expenditures were MAD 362.9 billion, down 0.6% from the previous year. The reduction is attributed to a slight increase of 0.7% in operational expenditures and a more significant 5.6% increase in investment spending, offset by a 7.9% decrease in budget debt service costs.
The TGR also reported that total expenditure commitments, including those not subject to prior approval, were MAD 557.7 billion. This indicates a commitment rate of 67%, a slight increase from 66% at the same time last year, with an issuance rate on commitments of 85%, down from 88% in 2023.
CST revenues totaled MAD 128.5 billion, including MAD 22.6 billion from shared investment costs with the general budget, a minor decrease from MAD 23.3 billion last year. CST expenditures amounted to MAD 112 billion, which included MAD 3.2 billion for refunds, exemptions, and fiscal restitutions.
In contrast, SEGMA revenues decreased by 9.4% to MAD 1.81 billion, as expenditures also fell by 3.9% to MAD 1.03 billion.