Cairo – Mubasher: Egypt’s budget deficit went up 27% y-o-y in the first half of the fiscal year 2015/16, the finance ministry said on Wednesday.
The state’s budget deficit amounted to EGP 167.8 billion in H1, compared with EGP 132 billion for the same period of the previous fiscal year.
The country’s revenues grew 17.5% to EGP 192 billion in H1-FY15/16, from EGP 163.6 billion for the same period a year earlier.
Meanwhile, expenditures rose 21.7% to EGP 349.9 billion, compared with EGP 287.4 billion.
Egypt’s budget deficit is estimated to reach EGP 251 billion in FY15/16, representing 8.9% of the gross domestic product (GDP).
