Budget deficit curbed to around 3% of GDP in fiscal 1998-99

The Moroccan budget deficit in the fiscal year 1998-1999 is to stand at around 3% of the Gross Domestic Product, announced the Moroccan Ministry of Economy and Finance.

The ministry said in a report that this was mainly the result of the improvement of fiscal and non-fiscal revenues.

Up to end of May 1999, tax revenues (corporate taxes and general income tax) have increased by 4.4%, and non-fiscal revenues have jumped by 3.9%.

The report notes that indirect tax revenues have decreased by 1.3%, while these revenues recorded an increase of 7.2% during the previous year.