Morocco’s budget deficit stood at MAD 58.6 billion at the end of August 2026, compared with MAD 59.5 billion a year earlier. The change comes as revenues are increasing faster than expenditure.

Budget execution during the first eight months of the year shows a MAD 25.5 billion increase in revenues, representing growth of around 10% year on year. Tax revenues rose by MAD 23.2 billion, up 10.3%.

This performance has benefited in particular from stronger economic activity and the recovery of the agricultural sector. The 2025-2026 cereal harvest is expected to reach approximately 90 million quintals, while agricultural value added increased by 18.4% in the first quarter of 2026.

Revenues support public finances

Expenditure has also continued to rise amid ongoing social policies and public investment programs. The Ministry of Economy and Finance highlights sustained revenue mobilization, which has helped contain the budget deficit.

Public finances will nevertheless remain closely monitored during the final months of the fiscal year, particularly in light of investment spending, tax revenues and government charges.