Highlights

Press release of the Ministry of Economy and Finance on forecasts relating to the closing of the fiscal year 2013 and growth in 2014 : 24/01/2014

Press release of the Ministry of Economy and Finance on forecasts relating to the closing of the fiscal year 2013 and growth in 2014

The preliminary results of the implementation of the Finance Act for the year 2013 highlight a deficit equivalent to 5.4% of GDP against 7.3% a year earlier. This improvement can be traced to both revenue and expenditure.
 Indeed, the development of expenditure was characterized by a decrease in ordinary expenses of 3.1% due largely to lower compensation costs and the rationalization of other operating expenses.
Expenditures were made in line with initial forecasts with an achievement rate of 99.5 %. Such a rate of execution involved almost all expenditure headings.
 Revenue were characterized by :

 • A decline in tax revenue of 1.6% mainly due to lower receipts from the corporate income tax. This decline was partially offset by the increase in the level of collected VAT and registration fees and stamp duties.

 • An improvement in non-tax revenue due to the good performance of products from public institutions and businesses and mobilizing donations from members of the Gulf Cooperation Council.

 Revenues rose by 97.2 %.

 Ordinary balance improved of approximately 9.6 MM.DH from nearly -14 MM.DH end 2012 to -4.4 MM.DH end of 2013.

 The outstanding Treasury debt increased slightly to be around 62.5 % of GDP against 59.6 % end 2012.

At the international level, the net foreign assets experienced in 2013 a trend reversal after successive withdrawals recorded since 2010. Indeed, the amount reached 150.3 MM.DH, the equivalent of 4 months and 10 days of imports of goods and services. This performance was achieved as a result first, of a reduction in the trade deficit and a significant increase in foreign direct investment and, second, of the intensification of the mobilization of concessional external financing to our bilateral and multilateral partners.

Compared to growth in 2014, the Ministry of Economy and Finance maintains its forecast of around 4% on the basis of an average crop year. This growth rate will stabilize the unemployment rate at its current level which is around 9%.