The Ministry of Economy and Finance reported a budget deficit of 26.8 billion dirhams by the end of May 2025, compared to a deficit of 17.7 billion dirhams during the same period last year.
In a document detailing the state of expenditures and treasury resources, the ministry indicated that this increase reflects a rise in public spending by 31.9 billion dirhams, surpassing revenue growth of 22.8 billion dirhams.
The ministry noted that revenues, adjusted for tax exemptions and refunds, achieved a performance rate of 40% relative to expectations set in the finance law. This marks an increase of 22.8 billion dirhams (16.9%) compared to the end of May 2024.
Ordinary expenditures reached 154 billion dirhams, attaining a performance rate of 43.5%, which is an increase of 26.2 billion dirhams from the same period last year.
The increase in expenditures is mainly attributed to a rise in spending on goods and services, amounting to 27 billion dirhams (26.3% increase), and debt interest, which increased by 2.9 billion dirhams (23.8% increase). Conversely, subsidy costs decreased by 3.7 billion dirhams (28.8% reduction).
The implementation of spending on goods and services showed a performance rate of 40.6% for user expenses and 49.4% for “other goods and services” expenditures, reflecting increases of 7.3 billion dirhams and 19.6 billion dirhams, respectively, compared to May 2024.
Debt interest recorded a performance rate of 36%, highlighting increased domestic interest (up by 3.1 billion dirhams) and a decrease in external interest (down by 180 million dirhams).
Regarding subsidy costs, the ministry reported a performance rate of 53.8%, representing a decrease of 3.7 billion dirhams. This was primarily due to reduced subsidies for butane gas (down by 6.1 billion dirhams, a decline of 1.3 billion dirhams), common wheat flour (down by 807 million dirhams, a decrease of 136 million dirhams), and sugar (down by 2.3 billion dirhams, a decline of 732 million dirhams).
Additionally, there was a lack of support for road transport professionals, in contrast to the 1.6 billion dirhams provided in the previous year.
The development in revenues and ordinary expenditures resulted in a surplus of 4.2 billion dirhams, down from a surplus of 7.6 billion dirhams recorded a year earlier.
As for investment expenditures, their value reached 43.7 billion dirhams, reflecting an increase of 7.6 billion dirhams compared to the end of May 2024. The performance rate, in relation to the finance law forecasts for 2025, stood at 41.4%.
Concerning special treasury accounts, the ministry indicated a surplus of 12.7 billion dirhams, compared to 10.8 billion dirhams in May 2024.
This statistical document presents the results of implementing the finance law forecasts by comparing them with achievements recorded during the same period last year.
Source
