Cairo – Mubasher: Egypt posted a primary surplus of EGP 30.5 billion, or 0.5% of gross domestic product (GDP) during the first half of fiscal year 2019/2020, compared to EGP 20.8 billion, or 0.4% of GDP, in the year-ago period, preliminary figures showed.
The finance ministry targets a 2% primary surplus for the full fiscal year 2019/2020, the finance minister, Mohamed Maait, said in a statement on Monday.
Moreover, total government investments in Egypt amounted to EGP 64 billion during the July-December period, including EGP 56 billion worth of investments financed by the state treasury, up 41% year-on-year.
Over the six-month period ended 31 December, public revenues grew by 0.5%, while government expenditures went up by 8.2%.
It is noteworthy that during FY18/19, Egypt achieved a primary surplus of 2% of GDP, compared to a primary deficit of 3.5% in FY15/16.
