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FINANCIAL NEWS
Egypt’s GDP to increase by 3.6 percent in 2016/17
01 Jun 2016
(MENAFN) Egypt estimates a budget deficit of 11 percent of GDP in the financial year of 2016/2017, which is the same as FY 2015/2016.
Furthermore, this debt is larger than the 9.8 percent estimate, which is because of the government’s failure to introduce the value-added tax (VAT) as planned.
Meanwhile, general gov’t debt grew at 90.3 percent of GDP in 2016/2017, while the external debt is low, the debt GDP expected to jump to 90.7 percent in 2017.
The agency predicted that external debt will grow to almost 18 percent of GDP by the end of 2016, as a result of support from the GCC States.
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