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FINANCIAL NEWS
Egypt deficit hits USD32 b
13 Sep 2013
(MENAFN) Egypt’s spending on interest rates and energy subsidies jumped in the last fiscal year causing the budget deficit in surge considerably, The Peninsula reported.
The deficit in Egypt came at 14 percent of the country’s Gross Domestic Product (GDP) with USD32 billion.
The government aims to increase the economic growth to 3.5 percent this year, up from 2 percent and to lessen the deficit to 10 percent.
From the beginning of this year, the deficit made half of the government spending. External debt in the country came at USD43.5 billion, while internal debt reached USD200 billion.
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