Morocco's public finances recorded a deficit of 30.1 billion dirhams (MAD) by the end of May 2026, according to the latest figures from the Ministry of Economy and Finance. This represents a slight improvement compared to the same period in 2025, when the deficit stood at MAD 31.2 billion.
The deficit was driven by a 12.5% increase in ordinary spending, which reached MAD 178.3 billion, while ordinary revenues grew by 10.8% to MAD 148.2 billion. Tax revenues, the main source of income, rose by 11.2% to MAD 133.5 billion.
Investment spending under the state budget totaled MAD 38.7 billion, up 8.3% year-on-year, reflecting continued government efforts to support infrastructure and development projects. The Treasury also benefited from MAD 12.4 billion in external financing.
Economists note that the deficit remains within the government's target range for 2026, which projects a fiscal gap of around 4.5% of GDP. The government has implemented measures to boost tax collection and control spending, including a freeze on new civil service hires and subsidies reform.
