Morocco’s budget deficit reached 55.5 billion dirhams (approximately $5.65 billion USD) at the end of October 2025, according to data released by the General Treasury of the Kingdom (TGR). This represents a significant increase compared to the 40.5 billion dirhams recorded during the same period in 2024.
The widening deficit, detailed in a TGR report published November 12, 2025, is attributed to a faster pace of spending growth than revenue increases. Government spending rose by 17.3% to 315 billion dirhams, although revenues increased by 16.4% to 340 billion dirhams. The positive ordinary balance, at 25 billion dirhams, was not enough to offset the overall deficit.
A key driver of increased expenditure was a substantial rise in spending on goods and services, up nearly 18.6% (approximately 34 billion dirhams), and a 23.6% increase in debt interest payments, amounting to 6.7 billion dirhams. Overall budget expenditures reached 461.8 billion dirhams, a 12.2% increase year-on-year.
Despite the growing deficit, revenue collection demonstrated strength. Direct taxes increased by 23.7%, taxes on consumption by 11.5%, and non-tax revenues by 16.2%. Total tax revenues exceeded 258.1 billion dirhams, achieving an 80.6% realization rate against the finance law’s projections. Non-tax revenues, however, declined by 1.9% to 33.5 billion dirhams.
Earlier data from October 13, 2025, indicated a deficit of 50.52 billion dirhams at the end of September 2025, doubling the 26 billion dirhams recorded during the same period in 2024. This September figure, reported by Le Matin, highlighted a shift in the balance of special treasury accounts and autonomous state management services (SEGMA), which moved from a 17 billion dirham surplus to a 2 billion dirham deficit.
In late September 2025, the deficit had already reached 54.1 billion dirhams, a 64.5% increase compared to the 32.88 billion dirhams recorded in 2024, according to the TGR. A report published October 18, 2025, by H24Info.ma, noted that the deficit’s expansion outpaced revenue growth. As of that date, the deficit stood at 52.8 billion dirhams.
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