The general government deficit (including grants, and expenditures from the Hassan II fund) is expected to have recorded about 4.5% of GDP in 2004, compared with 4.3% in 2003 and 3.2% in 2002. Despite reduced subsidies and improved tax collection, the deficit is larger than originally expected, because of a continuous increase in current expenditures for 2004. Standard&Poor's estimates government primary balances (balances excluding interest payments) at about zero, which is sufficient to reduce the debt burden. The general government debt burden is expected to continue to decrease gradually, to 70.9% of GDP in 2004, from 82.6% in 2000. Nevertheless, it remains much higher than the 'BB' median of 50.3%. Morocco's per capita income, estimated at $1,926 in
