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Egypt records EGP 104bn primary surplus in FY18/19

Egypt records EGP 104bn primary surplus in FY18/19
The total budget deficit fell to 8.2% of GDP

Cairo – Mubasher: Egypt’s primary budget surplus registered EGP 104 billion, or 2% of the country’s gross domestic product (GDP), during fiscal year 2018/2019, the Middle East News Agency (MENA) reported, citing prime minister Mostafa Madbouly as saying on Wednesday.

The total budget deficit fell to 8.2% of GDP in FY18/19, lower than the planned 8.4%, Madbouly added.

The primary surplus is the difference between revenue and expenses after the deduction of debt service.

Moreover, the most populous Arab nation’s public debt declined to 90.5% of GDP from 108%.

The Egyptian government has achieved all fiscal targets, Madbouly noted, adding that Egypt’s GDP grew by 5.6% in FY18/19.