Egypt’s Total Budget Deficit Hits 3.2% Of GDP In Two MonthsSource: www.export-egypt.com 11/13/2023, Location: Africa |
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Egypt’s total budget deficit reached 3.2 percent of GDP or more than EGP 383 billion ($12.4 billion) during the first two months (July and August) of FY2023/2024, according to the Ministry of Finance’s monthly report.
In July and August, total expenses reached EGP 590,725 billion, rising 92.2 percent from the same period in 2022. Total revenue grew 28 percent annually to EGP 206,88 billion in the two months. Egypt's budget deficit accounted for 6.1 percent of its GDP in FY2022/2023. However, the country achieved an $882 million surplus in its Balance of Payment (BoP) in the same year. Moreover, the country's debt-to-GDP ratio reached 95.6 percent in FY2022/2023, with the GDP recording EGP 9.8 trillion ($318,23 billion). Egypt’s external debt declined marginally to $164,73 billion during the fourth quarter of FY2022/2023 from $165,36 billion in the earlier quarter. The government increased its budget deficit estimate to 6.9 percent of GDP for FY2023/2024, which started on 1 July amid the cascading global economic crises that affected the country's economy. Egypt is actively pursuing additional funding to bridge a projected $17 billion financing gap by 2026, from which $6-8 billion needs to be covered in FY2023/2024. |
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