Morocco: public finances

What is Morocco's budget deficit?

Morocco's budget deficit was 3.5% of GDP in 2025, or 60.5 billion dirhams, according to the Ministry of Economy and Finance's budget execution and three-year macroeconomic report for the 2027 finance bill. That was 0.3 points lower than in 2024. In the first half of 2026 the deficit was 24 billion dirhams, against 30.8 billion a year earlier.

The government's guidance for the 2027 finance bill aims to hold the deficit at 3% of GDP each year from 2027 to 2029. Bank Al-Maghrib projects 3.4% of GDP for 2026 and 3.5% for 2027, excluding receipts from sales of state holdings. Half-year figures are not a guide to the full year because spending and revenue are uneven across months.

Official sources: Ministry of Economy and Finance: Rapport d'exécution budgétaire, PLF 2027 (PDF) · Bank Al-Maghrib: Board meeting press release, 22 September 2026

How much debt does Morocco have?

Morocco's Treasury debt stood at 1,190.1 billion dirhams at the end of June 2026, 3.9% more than at the end of 2025, according to the Ministry of Economy and Finance. Domestic debt made up about 72.5% of the total. At the end of 2025 the debt ratio was 66.6% of GDP.

The figure covers central government (Treasury) debt only. It excludes debt of state-owned enterprises and local authorities, so it is lower than broader measures of public debt. The citizen budget for 2027-2029 sets a target of bringing Treasury debt down to 63% of GDP by 2029. The average maturity of the debt was about eight years in June 2026.

Official sources: Ministry of Economy and Finance: Rapport d'exécution budgétaire, PLF 2027 (PDF) · Ministry of Economy and Finance: Budget citoyen 2027-2029 (PDF)

How much tax does Morocco collect?

Morocco's tax revenue was 208.8 billion dirhams in the first half of 2026, 22.4 billion dirhams (12%) more than in the first half of 2025, according to the Ministry of Economy and Finance's budget execution report. That was 55.5% of the amount forecast in the 2026 finance law.

Tax revenue is collected by the Directorate General of Taxes (income tax, corporation tax, VAT) and by the Customs and Indirect Taxes Administration, which the ministry says collects close to 40% of state tax revenue each year. Non-tax revenue was a further 20.9 billion dirhams at the end of June 2026. Bank Al-Maghrib reports ordinary revenue up 9.6% over the first eight months.

Official sources: Ministry of Economy and Finance: Rapport d'exécution budgétaire, PLF 2027 (PDF) · Bank Al-Maghrib: Board meeting press release, 22 September 2026

How much does the Moroccan government spend?

Ordinary spending in Morocco's general budget was 213.6 billion dirhams in the first half of 2026, 14.9% more than a year earlier, according to the Ministry of Economy and Finance. That was 54.6% of the full-year budget. Operating spending was 189.6 billion dirhams, interest on the debt 24 billion and investment spending issued 62.2 billion.

Ordinary spending covers wages, goods and services and interest, and excludes investment. In 2025 ordinary spending totalled 348.7 billion dirhams. The government opened an extra 20 billion dirhams of credits in May 2026, according to Bank Al-Maghrib, which reports total spending up 10.5% over the first eight months.

Official sources: Ministry of Economy and Finance: Rapport d'exécution budgétaire, PLF 2027 (PDF) · Bank Al-Maghrib: Board meeting press release, 22 September 2026

What is in Morocco's 2027 budget?

The Ministry of Economy and Finance publishes the documents for the 2027 finance bill on its Projet de Loi de Finances 2027 page, including the Head of Government's guidance note (circular 12/2026 of 12 August 2026) and the budget execution report of 11 September 2026. According to the citizen budget leaflet, the bill aims to keep the deficit at 3% of GDP in each year from 2027 to 2029 and to reduce Treasury debt from 66.6% of GDP in 2025 to 63% in 2029.

The guidance note sets limits on new public sector posts and on running costs such as vehicle hire, travel and hotels. The full bill goes to parliament in October, and the finance law takes effect on 1 January once adopted.

Official sources: Ministry of Economy and Finance: Projet de Loi de Finances 2027 · Ministry of Economy and Finance: Budget citoyen 2027-2029 (PDF)

What is Morocco's debt to GDP ratio?

According to the IMF, general government gross debt in Morocco was 66.6% of GDP in 2025. Since 2005 it has ranged from 42.0% of GDP (2008) to 72.2% of GDP (2020). It is 9th highest of 20 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 52.5% of GDP. Worldwide: 60th of 185.

What is Morocco's fiscal deficit?

According to the IMF, general government net lending or borrowing in Morocco was -3.5% of GDP in 2025, which is a deficit. Since 2005 it has ranged from -7.1% of GDP (2020) to 0.6% of GDP (2008). Middle East, North Africa, Afghanistan & Pakistan median: -5.2% of GDP; Morocco is 9th highest of 21. World rank, highest first: 116th of 188.

How much does Morocco's government take in?

The latest figure from the IMF, for 2025, is 27.5% of GDP. Its high point since 2005 was 2008, at 28.9% of GDP; its low point was 2005, at 23.2% of GDP. Middle East, North Africa, Afghanistan & Pakistan median: 26.3% of GDP; Morocco is 8th highest of 21. World rank, highest first: 89th of 187.

What is Morocco's government spending?

According to the IMF, general government spending in Morocco was 31.0% of GDP in 2025. Its high point since 2005 was 2020, at 34.1% of GDP; its low point was 2006, at 26.0% of GDP. It is 9th highest of 21 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 28.7% of GDP. Worldwide: 89th of 186.

How much tax does Morocco collect?

The latest figure from the IMF, for 2024, is 22.7% of GDP. Since 2005 it has ranged from 19.0% of GDP (2005) to 24.1% of GDP (2008). It is 3rd highest of 6 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 16.9% of GDP. World rank, highest first: 24th of 92.

How much does Morocco spend on its military?

SIPRI puts military spending in Morocco at 3.5% of GDP in 2025. Since 2005 it has ranged from 2.9% of GDP (2019) to 4.0% of GDP (2020). It is 7th highest of 15 in Middle East, North Africa, Afghanistan & Pakistan, where the median is 3.1% of GDP. Worldwide: 14th of 149.