Cairo – Mubasher: A recent report by the Egyptian finance ministry showed an increase in budget deficit by 20% during the first quarter of fiscal year 2018/2019.
Deficit recorded EGP 102.35 billion between July and September, compared with EGP 85.25 billion during the same period last year.
However, the deficit-to-GDP ratio remained stable at 1.9%.
Public revenues in Q1 totalled EGP 174.5 billion, while expenditure reached EGP 276 billion.
The Ministry of Finance estimates deficit for FY18/19 to amount to EGP 438.6 billion, or 8.4% of the gross domestic product (GDP), increasing by EGP 7.5 billion compared with last year’s estimates at EGP 430.8 billion.