Cairo – Mubasher: Egypt’s budget deficit widened by 17.4% year-on-year (YoY) to EGP 304.99 billion during the first eight months of fiscal year 2019/2020, compared to EGP 259.78 billion, official data showed.
The budget deficit accounted for 4.9% of the country’s gross domestic product (GDP) during the eight-month period ended on 29 February, according to the monthly bulletin released by the Ministry of Finance.
The country’s primary surplus, excluding interest paid on government debt, amounted to EGP 37.6 billion from July 2019 to the end of last February.
Moreover, the North African nation’s expenditures reached EGP 851.74 billion, including EGP 342.55 billion worth of interest payments, while revenues stood at EGP 551.25 billion, of which EGP 422.99 billion is tax revenue.
