Government net lending/borrowing in Morocco

International Monetary Fund · Annual · Importance

IMF forecast (WEO): 2026: -3.5% 2027: -3.4% 2028: -3.3% 2029: -3.2% 2030: -3.1% 2031: -3.0%

3.2 (1999) ANUAL · % of GDP · Annual · CSV

Period	% of GDP
Jan 1999	3.2
Jan 1998	1.5
Jan 1997	1.5
Jan 1996	0.9
Jan 1995	-2.5
Jan 1994	-2.5
Jan 1993	-2.0
Jan 1992	-1.8
Jan 1991	-0.9
Jan 1990	-1.3

About this indicator

Source

International Monetary Fund

Frequency

Annual

Release

Published annually (with quarterly advance estimates in some economies), subject to revision with the national accounts.

What it is

Morocco's government budget balance is the shortfall recorded when public spending exceeds revenue over the fiscal year; when revenue exceeds spending there is a surplus. Published by the Ministry of Economy and Finance, it is usually expressed as a percentage of GDP.

How it's calculated

It is the difference between Treasury revenue and spending over the period, scaled against GDP to obtain the ratio. The figures are annual, with monthly Treasury budget execution tracked through the year.

Market implications

The deficit sets Morocco's borrowing needs and the path of public debt. It is a key gauge for fiscal discipline, the IMF's flexible credit line and the rating agencies; subsidy spending and its reform shape its trajectory.

Limitations

It is a low-frequency figure subject to revision. It is worth distinguishing the headline balance from the primary balance, which excludes debt interest, and bearing in mind the impact of droughts and energy prices on the public accounts.