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Egypt cuts budget deficit to 8.9 percent of GDP for 2015/16

03 Jul 2015

(MENAFN) Egypt brought down its expected budget deficit to 8.9 percent of Gross Domestic Product (GDP), from a previous estimation of 9.9 percent, following a budget draft revision for fiscal 2015/16, Reuters reported.

Moreover, the new revised draft forecasts public spending of about USD113 billion, slightly decreased from the USD115.6 billion for the previous one. Expected revenues were increased to USD81.25 billion.

Nonetheless, the expected economic growth for the financial year remains untouched between drafts at 5 percent.

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