During the first 4 months of FY 2021/2022, the deficit reached EGP 219.8 billion, compared to EGP 171.3 billion in the same period
Egypt’s budget deficit climbed to 3.1% of the country’s gross domestic product (GDP) during the first 4 months of FY 2021/2022, compared to 2.6% of GDP during the same period of 2020/2021, revealed a new report by the Ministry of Finance.
The country’s GDP is expected to hit EGP 7.1 trillion in the current fiscal year, with the Egyptian government aiming to achieve economic growth of 5.6%, and an overall budget deficit of 6.7% of GDP in fiscal year (FY) 2021/2022.
During the first 4 months of FY 2021/2022, the deficit reached EGP 219.8 billion, compared to EGP 171.3 billion in the same period.
The Finance Ministry explained that despite the pandemic’s effects on economic activity, the state's general budget was able to meet the increase in allocations for the health and education sector, investments funded by the treasury, increase in wages, and meeting the allocations for social protection programs.
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Egypt's total revenues recorded EGP 311 billion, compared to EGP 287 billion during the same period of the previous fiscal year, with tax revenues contributing about 78.8% of total revenues, and non-tax revenues by about 21.2%.
The country’s total expenditures during the July-October period also increased to EGP 530.7 billion, compared to EGP 455 billion during the same period of the previous fiscal year.
The Finance Ministry pointed to the continued achievements of the objectives of financial control, sustainability of public finance indicators, rationalization of consumption, and provision of sources of financing without prejudice to the safe limits of the public debt.
