Cairo – Mubasher: Egypt’s revenues increased by 16% year-on-year (YoY) to EGP 452.9 billion, making up 7% of GDP, during the first half (H1) of fiscal year 2020/2021, compared to EGP 390.52 million in the same period a year earlier.
Tax revenues grew by 9.9% YoY to EGP 334.3 billion, while non-tax revenues rose by 38.2% YoY to EGP 118.2 billion during the July-December period of 2020, the Ministry of Finance said in a statement on Thursday.
In addition, the country’s public expenditures increased by 39.4% YoY to EGP 681.11 billion in H1 of FY20/21, compared to EGP 621.62 billion.
Earlier, the finance ministry announced that the budget achieved a primary surplus for the third year in a row, recording EGP 14 billion or 0.2% of GDP during H1 of FY20/21.
The overall budget deficit stood at 3.6% of GDP, compared to 4.1% in the year-ago period.
The Vice Minister of Finance, Ahmed Kouchouk, said that the country aims to reduce its overall budget deficit to 7.8-7.9% of GDP in FY20/21 and to 6.6% in FY21/22.
Public spending on health and education sectors increased to EGP 117.94 billion during the six-month period ended 31 December 2020.
Government expenditures in the health sector amounted to EGP 43.01 billion, while public spending on education reached EGP 74.93 billion.
Moreover, public spending on social protection programmes also grew to EGP 87.15 billion.
The Egyptian government spent EGP 100 billion on social benefits, grants, and subsidies, up by 32.3% YoY from EGP 75.5 billion.
Spending on commodities subsidies increased to EGP 29.63 billion in the July-December period of 2020, compared to EGP 24.92 billion in the year-ago period.
Additionally, the government paid EGP 2.39 billion in export support subsidies, EGP 2.51 billion in health insurance, and EGP 899.4 million in transport subsidies.
