TGR: A budget deficit of 55.5 billion dirhams by the end of October 2025

The budget deficit of 55.5 billion dirhams at the end of October 2025 includes a positive balance of 11.1 billion dirhams from special treasury accounts (CST) and autonomously managed state services (SEGMA), according to the latest monthly bulletin from the Treasury General of Morocco (TGR). Gross ordinary revenues amounted to 340 billion dirhams, reflecting a 16.4% increase compared to the end of October 2024. This growth is attributed to rises in direct taxes (+23.7%), customs duties (+4.8%), indirect taxes (+11.5%), registration and stamp duties (+10.9%), and non-tax revenues (+16.2%). Ordinary expenditures reached 315 billion dirhams, up 17.3%, resulting in a positive ordinary balance of 25 billion dirhams. General budget expenditures totaled 461.8 billion dirhams by the end of October 2025, marking a 12.2% year-on-year increase. This increase is driven by higher operating expenses (+17.9%) and investment spending (+12.3%), partially offset by a decrease in budgeted debt charges (-1.7%). Debt charges included a 10.4% reduction in principal repayments (55.3 billion dirhams) and a 13.3% increase in interest payments (40.3 billion dirhams). Total expenditure commitments, including those not subject to prior approval, reached 701.7 billion dirhams in the first ten months of the year, indicating an overall commitment rate of 72% and an issuance rate on commitments of 89%. Revenues from special treasury accounts amounted to 172.1 billion dirhams, with 24.7 billion dirhams coming from transfers for common investment charges. Their expenditures totaled 162.3 billion dirhams, including 6.1 billion dirhams for tax refunds, resulting in a positive balance of 9.9 billion dirhams. For SEGMA, revenues reached 2.66 billion dirhams, a 20.6% increase, with expenditures at 1.42 billion dirhams (+7.3%). Compensation expenditures continued to decline, with spending on compensation reaching 10 billion dirhams by the end of October 2025, down 10.8% compared to the same period in 2024, achieving 58% of the budgeted amount under the 2025 Finance Law. Operating expenses totaled 274.7 billion dirhams, including 150.4 billion dirhams for salaries and wages (+11.2%). Material expenses reached 67.8 billion dirhams (+22.2%), while common charges increased by 40.8% to 40 billion dirhams. Customs revenues showed an upward trend, with net customs revenues reaching 83.5 billion dirhams by the end of October 2025, a 9.5% increase year-on-year. This includes customs duties (14 billion dirhams, +4.9%), import VAT (52.07 billion dirhams, +8.3%), and excise taxes on energy products (17.45 billion dirhams, +17.5%).