Rabat – The budgetary deficit increased by 20.6 billion dirhams compared to the 2011 appropriation bill’s estimates to reach 50.1 billion dirhams, that is 6.1% of the Gross Domestic Product (GDP), Minister delegate to the Economy Minister in charge of budgeting Idriss Azami Al-Idrissi said.
Speaking at a joint press conference with Economy Minister Nizar Baraka on the implementation of the appropriation bill, Azami Al-Idrissi ascribed these results to the rise in compensation expenses and salaries which account for 16.9 of the GDP.
He noted that compensation expenses attained a record figure of 48.8 bn dirhams in 2011while the year’s appropriation bill expected only 17 bn dirhams, adding that salaries also rose as an outcome of the social dialogue.
He explained that the increase of the budgetary deficit is the result of the augmentation of expenditure by 32.4 bn dirhams despite the rising of receipts (mainly taxes) by 11.8 bn dirhams.
He added that trade deficit increased to reach 185.5 bn dirhams against 148.4 in 2010, noting that the rise in energy products’ imports (89.8 bn dirhams) and cereal imports (16.2 bn dirhams) contributed with 70% in the said deficit.
Concerning exports, the minister said that they reached 170.9 bn dirhams in 2011 versus 149.6 in 2010, underlining that phosphates and by-products’ exports (48.4 bn dirhams) cover 54% of energy imports.
He hailed the good performance by the sectors of textile and clothing (25.5 bn DH), automobile components (22.2 bn DH), electronic components (6.6 bn DH) and aeronautical components (5.2 bn DH), in addition to the increase of receipts of trips and expatriates’ cash transfers by 4 and 7.6% respectively compared to 2010 to reach 58.7 and 58.5 billion dirhams.
