Cairo – Mubasher: Egypt’s overall budget deficit narrowed to 7.8% of gross domestic product (GDP) in fiscal year 2019/2020, down from 8.2% in FY18/19, despite the impact of the coronavirus (COVID-19) pandemic, the finance minister Mohamed Maait said, citing initial data.
The country also achieved a primary surplus of 1.8% of GDP, compared to a target of 2%, Maait added in a cabinet statement on Wednesday.
The finance minister expects the GDP to drop by EGP 202 billion compared to previous estimates.
The country’s GDP growth is seen to be at 3.8% in FY19/20, down from a budget estimate of 6%.
