Morocco deficit falls to 5.4pc of GDP
Rabat, January 24, 2014
The Moroccan government's budget gap in 2013 came to 5.4 per cent of gross domestic product, down from 7.3 per cent in 2012, the Finance ministry said in a statement.
It is the lowest deficit since 2010, when the government started to spend heavily as the "Arab Spring" protests toppled neighbour governments.
Morocco's government expects its deficit to fall further to 4.9 percent of economic output in 2014.
Morocco has taken the most steps among North African countries to reform public subsidies. Last year it began partially indexing energy prices to international market levels.
Last week, the government said it ended subsidies on gasoline and fuel oil and started to cut diesel subsidies significantly as part of its drive to repair the public finances. - Reuters