Morocco’s Revenues Rise Sharply in 2025, Says Budget Minister

The Minister Delegate in charge of the Budget in Morocco, Fouzi Lekjaa, announced on Monday before the House of Representatives that the State’s ordinary revenues reached 424 billion dirhams in 2025, marking an increase of 14.2% compared with 2024.

Responding to questions on the implementation of the 2025 Finance Law, the minister attributed this performance primarily to the strong rise in tax revenues.

Strong Tax Performance Drives Ordinary Revenue Growth in Morocco

According to Mr. Lekjaa, tax revenues increased by 43.8 billion dirhams during the year, exceeding projections set out in the Finance Law with an achievement rate of 107%. Corporate income tax revenues rose to 91.4 billion dirhams, while value added tax reached 97.7 billion dirhams. Income tax collections in Morocco amounted to 65.4 billion dirhams, reflecting an overall achievement rate of 107.4%.

Customs duties also recorded notable growth, increasing by 12.9% to reach 17.2 billion dirhams in 2025. In parallel, revenues from the domestic consumption tax rose by 13.8%, reaching 41.5 billion dirhams.

The minister emphasized that this sustained increase in tax revenues confirms the continuation of the positive trend observed over the past four years in Morocco. Between 2021 and 2025, ordinary revenues recorded an average annual growth rate of 12.4%, reflecting consistent fiscal momentum over the period.

Impact on Spending, Investment, and Fiscal Balance

Mr. Lekjaa explained that the improved revenue performance made it possible to absorb higher personnel expenses, which increased by 15 billion dirhams. This rise was necessary to implement salary increases for civil servants agreed upon within the framework of social dialogue. The additional resources also supported the generalization of social protection, with related expenditures reaching 37.7 billion dirhams in 2025, up from 32 billion dirhams in 2024.

In addition, the strong revenue inflows helped sustain public investment dynamics. Investment issuances rose by 7.8 billion dirhams compared with 2024, bringing total payments to 125.3 billion dirhams. The issuance and payment rate stood at 76%, reflecting continued commitment to public investment programs.

Thanks to higher revenues combined with disciplined expenditure management, the budget deficit in Morocco was maintained at 3.5% in 2025, in line with the level projected by the Finance Law. At the same time, Treasury debt declined slightly to 67.2% of GDP, compared with 67.7% in 2024.

Looking ahead, the minister stated that the deficit is expected to stabilize around 3% between 2026 and 2028, allowing Treasury debt to fall to 64% of GDP by 2028. He concluded that these results demonstrate the effectiveness of recent economic and financial choices, in Morocco, in line with IMF statistical standards.

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(Featured image by Jakub Żerdzicki via Unsplash)

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First published in LES ECO.ma. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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