Global Economy
Morocco’s Public Finances Show a DH9.6 billion Budget Deficit in January 2026
Morocco’s Treasury reported a DH9.6 billion budget deficit for January 2026, widening from the DH6.9 billion shortfall recorded a year earlier. The gap stems mainly from a sharp fall in tax revenues and a modest rise in overall spending, highlighted by a surge in debt‑service interest costs. Despite a 2.7 billion‑dirham drop in total revenues, the government managed to keep non‑tax income on the rise, while ordinary expenditures fell sharply. Investment spending, however, grew by more than 15 % in the same month.
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Key Figures for January 2026
Overall deficit: DH9.6 billion, up from DH6.9 billion in January 2025.
Revenue trend: Total Treasury receipts fell by DH2.7 billion, reaching DH29.77 billion – only 7 % of the budget law forecast.
- Tax revenue dropped 9.4 % to DH27.9 billion (realisation rate 7.6 %).
- Non‑tax revenue rose 19 % to DH1.25 billion.
Ordinary expenditures: Down 22.4 % to DH32.7 billion, with an execution rate of 8.6 %.
- Goods & services: –23.6 %.
- Compensation charges: –28.8 %.
- Debt‑service interest: +42.5 %.
The ordinary balance turned marginally negative at DH2.9 billion, compared with a DH9.7 billion deficit a year earlier.
Investment spending: Up 15.1 % to DH15 billion, representing 13 % of the 2026 budget plan.
Special Treasury accounts (CST): Recorded a surplus of DH8.3 billion, down from DH15.8 billion in January 2025.
These figures highlight the pressure on fiscal resources from lower tax collections and higher debt‑service costs, while investment programmes continue to expand.