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Rabat – As of the end of July 2024, Morocco’s Treasury recorded a budget deficit of MAD 35.2 billion ($3.56 billion), an increase from MAD 27.7 billion ($2.8 billion) during the same period in 2023, according to the latest report from the Treasury General of the Kingdom (TGR).
The deficit calculation includes a positive balance of MAD 16.3 billion from special treasury accounts (CST) and autonomously managed state services (SEGMA), as detailed in the TGR’s recent Monthly Public Finance Statistics Bulletin.
Gross ordinary revenues saw an increase of 11.4%, reaching MAD 202.3 billion. This growth was driven by a 13.3% rise in direct taxes, a 10.8% increase in customs duties, a 12.4% uptick in indirect taxes, and a 7.8% boost in non-tax revenues.
On the expenditure side, the General Budget recorded MAD 307.2 billion in spending, marking a 4.5% increase compared to the same period in 2023.
This rise was fueled by a 6.5% increase in operating expenses and an 11.3% surge in investment expenditures, although budgeted debt charges saw a 3.8% decline.
Meanwhile, the Special Treasury Accounts (CST) revenues reached MAD 104.6 billion, including MAD 20.7 billion from general budget investment contributions, up from MAD 17.4 billion the previous year.
Meanwhile, CST expenditures amounted to MAD 88.9 billion, including MAD 2.7 billion allocated for tax refunds and deductions. The overall balance of the CST accounts stands at MAD 15.7 billion.
Revenues for SEGMA decreased by 12.9%, totaling MAD 1.392 billion, while their spending also dropped by 2.6%, amounting to MAD 763 million.
SEGMA refers to government services that are managed independently of the central budget, such as certain public institutions.
