Home > Economy > Morocco’s Budget Deficit Widens to 39 Billion Dirhams in October 2019
Morocco’s Budget Deficit Widens to 39 Billion Dirhams in October 2019
Thursday 14 November 2019, by
The budget deficit stood at 39 billion dirhams (MMDH) at the end of October 2019 compared to 33.4 MMDH during the same period in 2018. The General Treasury of the Kingdom (TGR) announced this in its latest monthly bulletin of public finance statistics.
The budget deficit is up 5.5 MMDH compared to October 2018. This situation results from a less significant increase in revenue compared to expenditure, including investment.
According to TGR statistics, tax revenues increased by only 3.6%, to 177.8 MMDH. Corporate tax (IS) fell by 3.3% (excluding the social solidarity contribution) while income tax (IR) increased by 4.4%, excise duties by 6.5%, VAT by 4.9% and stamp duties by 2.2%.
As for current expenditure, it increased by 8.5%, due to the increase in the wage bill and purchases of goods and services (+6.4%), debt service (+10%) and compensation expenditure (+22%).