Morocco reduces budget deficit to 1%

Morocco managed to bring down its budget deficit to 1.1% of the GDP against 3.9 in 1998.

The decrease was recorded thanks to better public revenue, especially from tax on companies which represents 0.9 percent of GDP.

Tax income amounted to 23.7 percent of GDP in 1999, as against 22 percent in 1998.

However, customs duties dropped by 2.5 percent in 1999 against a 7.7 percent increase the previous year.