CBE reveals FY2023/2024 economic indicators, GDP reported at LE 2.14trn

Cairo – August 13, 2024: The Central Bank of Egypt released on Monday its annual report on the previous fiscal year (FY2023/2024), revealed that Egypt’s real Gross Domestic Product (GDP) saw a modest growth rate of 2.7 percent in FY2023/2024.

The country’s GDP was recorded at LE 2.14 trillion, up from LE 2.09 trillion in FY2022/2023, according to the report.

Egypt recorded an all-time high gross domestic product (GDP) of EGP 14 trillion at the end of FY2023/2024, Minister of Finance Ahmed Kouchouk said during a press conference last week.

The state budget deficit expanded by LE 249.1 billion to LE 455.9 billion for Q1 FY2023/2024, explained the CBE report, compared to LE 206.8 billion during the same period in FY2022/2023, letting the deficit-to-GDP ratio rise to 3.5 percent from 2.3 percent a year earlier.

The government was able to close the fiscal year with a primary surplus of LE 21.6 billion, up from LE 10.2 billion during the same period the previous year, according to the report.

Egypt’s total revenues reached LE 335.1 billion (2.6 percent of GDP) for the July/September FY2023/2024 period, a rise of LE 76.3 billion or 29.5 percent from LE 258.8 billion (2.8 percent of GDP) the previous year.

This was driven by increased tax revenues, which rose by LE 73.6 billion or 34.8 percent to LE 285.0 billion, and non-tax revenues, which grew by LE 2.7 billion or 5.6 percent to LE 50.1 billion.

Tax revenue increases included LE 27.6 billion from VAT on goods and services, LE 25.7 billion from income and capital gains taxes, LE 14.7 billion from property taxes, and LE 5.6 billion from customs duties.

Non-tax revenue growth was primarily driven by higher property income, which rose by LE 5.9 billion, while other categories saw mixed results, the CBE explained.

Total expenditures for the period reached LE 790.8 billion (6.1 percent of GDP), a significant increase of LE 324.4 billion or 69.6 percent from LE 466.4 billion (5.1 percent of GDP) the previous year.

In terms of domestic public debt, it amounted to LE 4742.1 billion at the end of June 2020, up from LE 4282.1 billion a year earlier.

The debt-to-GDP ratio increased to 77.1 percent in June 2020 from 76.5 percent the year prior.

The ratio of external debt to GDP stood at 42.4 percent by the end of September 2023, against 40.5 percent at the end of June 2023.