Morocco’s Budget Surplus Signals Strong Economic Performance in Q3 2024
Rabat, Morocco – Morocco’s treasury reported a significant budget surplus of 26.6 billion dirhams (approximately $2.7 billion USD) at the end of the third quarter of 2024. This positive development points to a robust economy, exceeding initial projections outlined in the country’s annual budget law.
The surplus can be attributed to a combination of healthy revenue streams and controlled spending. The treasury collected 395.1 billion dirhams in ordinary revenue (excluding borrowing), while expenditures (excluding debt servicing) reached 421.7 billion dirhams.
Total state resources for Q3 2024 reached 522.5 billion dirhams, representing a 90.9% achievement rate compared to the projected figures in the 2024 budget law. This strong performance was fueled by several factors, including:
Robust tax collection: Delays in Value Added Tax (VAT) payments and corporate tax refund requests amounted to 32.9 billion dirhams and 4.7 billion dirhams respectively, contributing to the overall revenue increase.
Diversified income sources: Beyond ordinary revenue, the state benefited from 127.5 billion dirhams in medium and long-term loans, 128.5 billion dirhams from treasury special accounts, and 1.8 billion dirhams from autonomously managed state facilities.
While revenue exceeded expectations, Morocco also maintained a responsible approach to spending. Total state expenditures reached 475.9 billion dirhams, representing a 74.6% implementation rate of the budget law’s projections. This expenditure was distributed across key areas:
Essential public services: 235.7 billion dirhams were allocated to ordinary expenditures within the general budget, ensuring the continued functioning of vital public services.
Strategic investments: 73 billion dirhams were directed towards investment projects, highlighting the government’s commitment to long-term economic growth and development.
* Debt management: 54.2 billion dirhams were allocated to debt servicing, demonstrating fiscal responsibility and a commitment to long-term economic stability.
The treasury’s report also highlighted a positive ordinary balance of 29.1 billion dirhams. This, coupled with the overall budget surplus, paints a picture of a nation effectively managing its finances while investing in its future. Morocco’s strong economic performance in Q3 2024 positions the country for continued growth and prosperity in the coming quarters.
