FINANCIAL NEWS

Egypt’s budget deficit at USD12.3b in Q1 FY2015-16

01 Jan 2016

(MENAFN) Egypt has witnessed a budget deficit in the first three months of the 2015-16 FY that was logged at USD12.3 billion, equivalent to 3.4 percent of GDP.

The reported figure went up from USD10.7 billion registered in the previous fiscal year, mainly on the back of an increase in state expenditures between July-Oct.

The nation has targeted a total budget deficit of USD31.9 billion for the entire 2015-16 FY, which represents 8.9 percent of the gross domestic product.

Public spending in the current FY is anticipated to hit USD111.1bn, an 18.5pct growth compared to FY 2014-15, while revenue is expected to total USD76.2bn.

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