RABAT - Morocco's budget deficit dropped to 7.6 billion dirhams ($802.98 million) in the first quarter of 2018, down from 8 billion dirhams in the same period last year, the finance ministry said on Thursday.
That was due to a 2.4 percent drop in total spending, the finance ministry said in a report.
Tax revenues shrunk by 986 million dirhams, as direct taxes were 10 percent lower while indirect taxes grew 5.2 percent, the data showed.
The treasury’s total debt stood at 706.7 billion dirhams by the end of March 2018, it said. ($1 = 9.4648 Moroccan dirham)
(Reporting by Ahmed ElJechtimi Editing by Ulf Laessing and Angus MacSwan) ((Ulf.Laessing@thomsonreuters.com; Reuters Messaging: follow me on twitter @ulflaessing))