Back to the complete issue
Thursday, 7 December 2017

Overall budget deficit declines to 2% of GDP in 1QFY2017-18 from 2.2% in last fiscal year

Egypt recorded an overall budget deficit of EGP 85.3 bn for the first quarter of FY2017-18,or around 2% of GDP, compared to 2.2% (EGP 76.8 bn) in the same period last year, the Finance Ministry announced yesterday (pdf). Inflows into state coffers rose 33% y-o-y to EGP 129 bn during the quarter, compared to EGP 96.8 bn last year, on the back of higher tax revenues, which grew by 51.5% y-o-y to EGP 97.2 bn. Non-tax income declined slightly by 2.7% y-o-y to EGP 31.8 bn. Expenditures grew by 24.4% y-o-y to EGP 214.1 bn during the three-month period, from EGP 172.2 bn a year before. Planning Minister Hala El Said had announced last month that Egypt’s economy grew 5.2% in the first quarter of the current fiscal year, up from 3.4% in FY2016-17, while the primary budget deficit dropped to 0.1% of GDP from 0.9% a year before. The government is targeting a GDP growth rate of 5-5.25% for FY2017-18.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594). Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2016 Enterprise Ventures LLC.