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L Morocco's public finances are blowing a bit. Despite a late adoption of the 2017 budget law, budget revenues improved that year. This is a positive development, which is mainly due to the rise in SI and VAT products, as well as to the grants of the Gulf Cooperation Council (GCC) countries.
Thus, the revenues of the SI have an improvement of 16.3% to 50 billion dirhams. The VAT has generated 29.9 billion dirhams of revenue, an increase of 8.1% compared to 2016. Donations from the GCC countries reached in 2017 9.5 billion dirhams, against 8 billion initially provided for by the 2017 finance law, and the 7.2 billion for the year 2016.
However, the products of institutions and companies whose state is a shareholder stagnated at 8 billion dirhams. The main contributors were the ANCFCC for 2.4 billion dirhams, Maroc Telecom for 1.4 billion dirhams, and the OCP for 1.3 billion dirhams. As a result, budgetary revenues for 2017 amounted to 254 billion dirhams, an increase of 5.7% compared to 2016.
The wage bill weighs on expenditure
Expenditure, they rose by 2.7% compared to 2016 to reach 297 billion dirhams. Those related to the cost of personnel accounted for 35% of total expenditure, those for investment 23%, and those devoted to goods and services 20%.
The wage bill of the public administration experienced a slight down 0.2% to 104.6 billion dirhams, despite a 1.6% increase in the number of civil servants in 2017. To these expenses related to public administration, the Ministry of Finance National Education, Vocational Training, Higher Education and Scientific Research captured 40.3% of salaries, followed by the National Defense Administration at 22.1%, the Department of the Interior at 16.2% and health at 7.3%.
For the rest of the goods and services, expenses rose by 3.2% to 58.8 billion dirhams. This increase is mainly due to the increase in subsidies dedicated to institutions and public enterprises, which amounted to 19.6 billion dirhams (8.9% more than the previous year). The bailout of the Moroccan Pension Fund – which reached 14.2 billion dirhams – also weighed on budget spending.
Public debt, for its part, rose slightly by 0.2% to 65 , 1% of GDP. The report recalls that the government was committed to reducing this rate to 60% of GDP by 2021. Domestic debt, which represents 50.7% of GDP, increased by 4.8%. External debt, representing 14.4% of GDP, increased by 7.2%. The budget deficit, for the year 2017, amounted to 37.8 billion dirhams, a decrease of 16.7% compared to 2016. It represents 3.6% of GDP, against 4.5% a year earlier. .
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