Cairo – Mubasher: Egypt’s budget deficit fell marginally by 0.7% year-on-year in the first five months of fiscal year 2018/2019, the Ministry of Finance (MOF) revealed.
The budget deficit recorded EGP 162.33 billion in the period from July to November 2018, versus EGP 163.61 billion in the same period a year earlier, according to a recent report.
Total deficit stood at 3.1% of gross domestic product (GDP) during the five-month period, versus 3.7% in the corresponding period of 2017, the MoF added.
Meanwhile, Egypt has generated around EGP 321.07 billion in revenue at the end of November, while the government spending amounted to EGP 484.22 billion, the ministry said.
The MoF had estimated total budget deficit at EGP 438.6 billion for FY18/19, accounting for 8.4% of GDP.
It is worth noting that the budget deficit declined by 9.8% of GDP in FY17/18.
