Advertisement
| 24 May, 2018

Morocco’s budget deficit falls to $802.98mln in Q1

Morocco's budget deficit dropped due to a 2.4% drop in total spending, the finance ministry said

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017.

A currency dealer counts Moroccan dirhams in a photo illustration at a currency exchange in Casablanca, Morocco, June 29, 2017.

REUTERS/Youssef Boudlal/Illustration

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.

Advertisement

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))