Egypt’s budget deficit at 8.1% of GDP

31 Oct 2010

(MENAFN) Egyptian Finance Minister Boutros-Ghali said that the country’s budget deficit in the fiscal year to June 2010 was narrower than first thought at 8.1 percent of gross domestic product (GDP), boosted by the success of a new tax regime, AP reported.

The ministry, whose initial estimate was 8.3 percent, gave no revenue figure but said the deficit was $16.9 billion. In July, the ministry said revenues were $46.5 billion, down from $48.8 billion in 2008/09.

Egypt’s economy, which was spared the worst of the global economic crisis that began in mid-2008, was buoyed last year by a resurgent tourism industry and Suez Canal receipts, along with resilient construction and gas exports.

Egypt aims to keep the deficit at 7.9 percent of GDP this fiscal year, falling to between 3.0 and 3.5 percent in 2014/15, state news agency MENA quoted the minister as saying in July.

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