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Morocco’s 2025 Ordinary Revenue Hits 424 Billion Dirhams, Shows Strong Fiscal Momentum
Budget Minister Fouzi Lekjaa told the House of Representatives that Morocco’s ordinary state revenues rose to 424 billion dirhams in 2025 – a 14.2% jump from the previous year. The surge was driven mainly by higher tax collections, with corporate tax, VAT and income tax all exceeding their 2025 budget targets, while customs duties and the internal consumption tax also posted solid gains. The extra revenue enabled the government to finance higher staff salaries, expand social‑protection spending, and keep the fiscal deficit at the targeted 3.5% of GDP. Public debt fell slightly to 67.2% of GDP, and officials project the deficit will stabilise around 3% and debt will drop to 64% of GDP by 2028.
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Revenue Surge in 2025
During a session of the House of Representatives, Budget Minister Fouzi Lekjaa announced that Morocco’s ordinary state revenues reached 424 billion dirhams in 2025, marking a 14.2 % increase over 2024.
Key Drivers of the Growth
- Tax collections grew by 43.8 billion dirhams, achieving 107 % of the 2025 budget forecast.
- Corporate tax (IS) generated 91.4 billion dirhams.
- Value‑added tax (VAT) brought in 97.7 billion dirhams.
- Personal income tax (IR) contributed 65.4 billion dirhams, with a realization rate of 107.4 %.
- Customs duties rose by 12.9 %** to **17.2 billion dirhams**.
- The internal consumption tax (TIC) increased by **13.8 %** to **41.5 billion dirhams**.
Impact on Public Spending
The stronger fiscal intake allowed the government to:
- Absorb a 15 billion‑dirham increase in personnel costs to fund salary hikes agreed in the social dialogue.
- Expand social‑protection programmes, with spending climbing to 37.7 billion dirhams in 2025 from 32 billion dirhams in 2024.
- Boost public‑investment payments to 125.3 billion dirhams, up 7.8 billion dirhams** from the previous year, representing a **76 %** issuance‑and‑payment ratio.
Fiscal Balance and Debt Outlook
The disciplined approach kept the budget deficit at the targeted 3.5 % of GDP** in 2025**. Treasury debt fell slightly to 67.2 % of GDP**, down from **67.7 %** in 2024.
Looking ahead, the Ministry expects the deficit to stabilise around **3 %** during 2026‑2028, which should push the debt ratio down to **64 % of GDP** by 2028.
Broader Context
Minister Lekjaa attributed these results to the “positive dynamics recorded over the past four years” and highlighted that ordinary revenues have grown at an average annual rate of **12.4 %** from 2021 to 2025. He also emphasized that the figures were compiled in line with international statistical standards, notably those recommended by the International Monetary Fund (IMF).