By Mostafa Adel
Cairo – Mubasher: Egypt's Ministry of Finance (MoF) finalized the state public budget final account for the fiscal year 2015/16, said Abd Al-Nabi Mansour, public budget final account department head
"Budget deficit reached EGP 339 billion, or 12.2% of the gross domestic product (GDP) for 2015/16, compared with EGP 279.4 billion, or 11.5% of GDP a year earlier", Mansour added.
Subsidy on petroleum products ticked EGP 51 billion over 2015/16, while the targeted figure was EGP 61 billion, Mansour indicated, attributing this decline to the fall of global oil prices.
Over the last year, budget deficit was estimated to stand at EGP 251 billion, or 8.9% of GDP.
