At the end of October 2024, the budget deficit stood at 40 billion dirhams compared to 37 billion dirhams a year earlier, an increase of 8%, a result explained by the drop in the positive balance of special Treasury accounts (CST) and autonomously managed state services (SEGMA). This balance contracted by 52%, going from 37 billion dirhams (billion dirhams) in 2023 to 17 billion dirhams this year, according to the Monthly bulletin of public finance statistics published by the General Treasury of the Kingdom (TGR).
THE gross ordinary revenue increased by 10.4% compared to the previous year, reaching 292.1 billion dirhams compared to 264.7 billion dirhams in October 2023. This gain of 27.4 billion dirhams is largely attributable to the increase in tax revenue, which totaled 254.6 billion dirhams, up 13% (+29.2 billion dirhams). The progression of tax revenue is mainly due to the increase in major taxes:corporate tax (IS) recorded an increase of 14.1%, while theincome tax (IR) grew by 13.7%. THE customs duties also experienced an increase of 5.4%, although a slowdown compared to the 11% observed at the end of September 2023. Furthermore, the TVA domestic increased significantly by 21.1%, reaching 35 billion dirhams, and VAT on imports increased by 10.9%, from 43 to 48 billion dirhams.
At the same time, the Internal Consumption Taxes (TIC) on energy products showed growth of 10.6%, standing at 14 billion dirhams compared to 13 billion dirhams in 2023. registration and stamp duties also experienced an increase of 6%.
THE non-tax revenuefor their part, decreased by 4.6% to settle at 37 billion dirhams, against 39 billion dirhams the previous year.
THE ordinary expensesincreasing at a more moderate pace than previous months, reached 268 billion dirhams at the end of October 2024, compared to 258 billion dirhams in 2023. This increase is mainly due to the increase in spending on goods and services (+7.1%) and the increase in debt interest charges (+15%). On the other hand, the expenses of compensation recorded a significant drop of 52.4%, going from 23 billion dirhams in 2023 to 11 billion dirhams this year.
Furthermore, budgetary investment was executed at 69% of what is planned in the 2024 Finance Law, stagnating at 81 billion DH.
Taking into account pending operations, the financing need for the state budget amounted to 52 billion DH, an increase of 5 billion over one year. This need was met 100% by the internal debt, the new drawings on the external debt having been lower than the repayments.
