Overview of Budget Deficit
Morocco's public finances recorded a budget deficit of 9.6 billion dirhams in January 2026, primarily attributed to a decrease in revenue and a modest rise in expenditures.
Revenue Analysis
Total revenues reached 29.77 billion dirhams, reflecting a net figure after accounting for refunds, tax exemptions, and fiscal restitutions. This amount represents a realization rate of 7% compared to the projections outlined in the Finance Law.
Tax revenues experienced a decline of 9.4%, totaling approximately 27.9 billion dirhams, with a realization rate of 7.6%. Conversely, non-tax revenues increased by 19%, exceeding 1.25 billion dirhams.
Expenditure Trends
Ordinary expenditures fell by 22.4% to 32.7 billion dirhams in January, achieving an execution rate of 8.6%. This decline includes a 23.6% reduction in spending on goods and services and a 28.8% decrease in compensation charges.
However, interest payments on debt surged by 42.5%, contributing to the overall expenditure landscape.
Ordinary Balance and Investment Spending
The shifts in both revenues and ordinary expenditures resulted in an ordinary balance deficit of 2.9 billion dirhams, a significant improvement from the deficit of 9.7 billion dirhams recorded in the same month the previous year.
Investment expenditures rose by 15.1%, reaching 15 billion dirhams, with a realization rate of 13% compared to the Finance Law 2026 forecasts.
Treasury Special Accounts Performance
The Treasury's special accounts reported a surplus of 8.3 billion dirhams, a decrease from the surplus of 15.8 billion dirhams recorded in January 2025.
