Morocco recorded a 19.2 percent increase in ordinary revenues by the end of July, driven by a 27.6 percent rise in direct taxes.
It is also driven by a 1 percent increase in customs duties, a 9.6 percent rise in indirect taxes, a 7.6 percent increase in registration and stamp duties, and a 34.4 percent jump in non-tax revenues.
According to the Treasury General of the kingdom (TGR), which released its public finance statistics bulletin for the end of July 2025, ordinary revenues posted a sharp increase (+19.2 percent), although the budget deficit stood at 53.7 billion dirhams.
Ordinary revenues reached record levels, fueled by higher direct taxes (+27.6 percent), customs duties (+1 percent), indirect taxes (+9.6 percent), registration and stamp duties (+7.6 percent), and non-tax revenues (+34.4 percent). These results generated a positive ordinary balance of 16.4 billion dirhams.
Overall spending rose by 14.2 percent, mainly due to higher expenditures on goods and services (+16.7 percent), reflecting an 11.5 percent rise in personnel costs and a 25.1 percent increase in other goods and services.
Additional pressure came from higher interest payments on public debt (+10.8 percent), tax refunds and rebates (+39.7 percent), and capital spending (+10.5 percent). In contrast, subsidy-related expenditures fell by 19.2 percent.
Despite the solid revenue performance, rising expenditures kept the budget deficit at a high level, reaching 53.7 billion dirhams by the end of July.
MK/ac/sf/lb/as/APA