Morocco recorded stronger financial performance during the first half of 2026, according to official documents released by the Ministry of Economy and Finance. Total government revenues exceeded MAD 225.2 billion by the end of June, supported by higher tax revenues and a reduction in the budget deficit.
Tax revenues reached 54% of the targets set in the Finance Law, driven mainly by a 26.2% increase in corporate tax receipts, which totaled MAD 66.9 billion. At the same time, tax refunds, exemptions, and reductions rose to MAD 17.3 billion.
The budget deficit narrowed to MAD 24 billion at the end of June 2026, compared with MAD 30.8 billion during the same period a year earlier, reflecting revenue growth that outpaced the increase in public spending. Ordinary expenditure rose to MAD 203.9 billion, while public investment spending reached MAD 59.8 billion, up 20.2% year-on-year.
Financing needs declined to MAD 23.6 billion, compared with MAD 46.1 billion in the first half of 2025, supported by domestic borrowing and external financing.
Sectoral indicators also showed positive momentum. Agricultural value added expanded by 18.4% during the first quarter of 2026, benefiting from an exceptional agricultural season that boosted cereal production to around 90 million quintals. The tourism sector maintained its growth, welcoming 9.4 million visitors by the end of June, while travel receipts reached MAD 53.8 billion by the end of May.
Inflation remained under control at 0.4%, while the unemployment rate stood at 10.8%. Exports increased by 5.8%, led by the automotive and aerospace industries, whereas imports grew by 11.8%, resulting in a wider trade deficit.
Bank Al-Maghrib kept its benchmark interest rate unchanged at 2.25%, while bank lending expanded by 9.9% and money supply grew by 12.1%. Internationally, the outlook remains influenced by expectations of slower global economic growth and continued volatility in energy markets.