Gov’t gives its figures for FY2016-17
Gov’t presents its figures for FY2016-17: Planning Minister Hala Saeed appeared to respond to the IMF’s macro indicators with its own forecast, seeing GDP growth for FY2016-17 landing at no less than 4% from an initial projection of 3.8-4%, she said in a press conference on Saturday, according to Reuters. She projects that GDP growth for the fourth quarter of last fiscal year will exceed 4.5%, according to Al Mal. On inflation, Saeed said that the recent subsidy cuts in fuel and electricity would have a minimal impact on inflation, the newspaper reports.
Meanwhile, the Finance Ministry puts the budget deficit for FY 2016-17 at 10.8% of GDP, down from 12.5% in FY2015-16, according to Vice Minister of Finance Amr El Monayer. The primary deficit also receded to 1.5% of GDP in the last fiscal year, compared to 3.5% in the year before. Tax revenues in FY2016-17 rose 30% year-on-year to EGP 433 bn, El Monayer told the press on Thursday, according to AMAY.