RABAT, Morocco – Morocco’s budget deficit fell to MAD 24 billion ($2.4 billion) at the end of June 2026, compared with MAD 30.8 billion ($3.1 billion) during the same period last year, according to the Ministry of Economy and Finance.
The ministry said the improvement came because government revenue increased more than spending in the first six months of the year. Revenue rose by MAD 30 billion, while spending went up by MAD 23.2 billion.
After tax refunds, rebates and reimbursements, total Treasury revenue stood at MAD 225.2 billion, reaching 52% of the target set in the 2026 Finance Law.
Tax revenue remained the government’s biggest source of income, rising 11.8% year-on-year to more than MAD 197.7 billion. At the same time, tax refunds, rebates and reimbursements, including payments made by local authorities, increased by nearly MAD 3 billion to MAD 17.3 billion.
Non-tax revenue also recorded strong growth, rising 55.3% to MAD 24.9 billion. This included MAD 7 billion from public institutions and state-owned companies, with Bank Al-Maghrib and the National Agency for Land Conservation, Cadastre and Mapping making the largest contributions. New financing methods brought in another MAD 9.9 billion, while other ministry revenue reached MAD 6.9 billion.
Meanwhile, government spending rose 14.7% from a year earlier to MAD 203.9 billion, or 53.7% of the full-year budget. The increase was mainly due to higher spending on goods and services, debt interest and compensation costs.
As a result, Morocco posted an ordinary budget surplus of MAD 21.3 billion, up from MAD 17.5 billion in the first half of 2025.
Investment spending also increased by 20.2% to MAD 59.8 billion, representing 52.1% of the amount allocated under the 2026 Finance Law.
