An increase in revenues reduced Morocco’s 2023 budget deficit by nearly $260 million despite higher actual spending, a newspaper said on Friday.

Hespress Arabic language daily, citing Finance Ministry data, said the 2023 actual budget shortfall declined to around 73.7 billion Moroccan dirhams ($7.32 billion) from MAD76.3 billion ($7.58 billion) in 2022.

The report said there was an increase in most revenues in 2023, including around 5.4 percent in direct taxes, 12.8 percent in customs, 3.6 percent in indirect taxes, about 41.2 percent in non-tax revenues and 11.1 percent in income from government fees.

Spending swelled by nearly 15.3 percent to around MAD532.7 billion ($53 billion) in 2023 compared with 2022, the report added.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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