Egypt’s revenues increase to LE 179B in 4 months

CAIRO – 25 February 2018: Egypt’s revenues increased to LE 179.2 billion ($10.11 billion) in the first four months (from July to October) of the current fiscal year 2017/2018, according to a recent report from the Central Agency for Public Mobilization and Statistics (CAPMAS).

The report showed that the revenues rose in the first quarter (Q1) of this fiscal year to LE 129 billion.

Tax collections accounted for the largest share of the total revenues during the period from July to October, reaching 77.9 percent and recording LE 139.6 billion, according to the report.

Other revenues recorded LE 39.6 billion during the four months from July to October of 2017/2018.

The report added that tax revenues increased by LE 50.1 billion to record LE 139.6 billion in the period from July to October of 2017/2018, compared to LE 89.5 billion during the same period of 2016/2017.

Egypt’s revenue achieved an increase in the first two months of the current fiscal year (July and August) by recording LE 74.5 billion.

The Central Agency for Public Mobilization and Statistics said Thursday in its monthly bulletin that the Restaurants and Hotels sector and the Suez Canal sector recorded the highest revenues among all sectors during the first quarter (Q1) of Fiscal year 2017/2018.

The bulletin showed that the revenues of the Restaurant and Hotel sector grew 50.8 percent in the first quarter of this fiscal year, recording LE 19.9 billion, compared to LE 13.2 billion in Q1 of 2016/2017.

The revenues of Suez Canal reached LE 12.2 billion, compared to LE 11.5 billion in Q1 of the prior year, with a 6.1 percent increase.

Planning Minister Hala al-Saeed said Saturday that Egypt’s Trade Deficit declined 15.7 percent year-on-year in the first half of fiscal year 2017/18, dropping from $21.7 billion to $18.3 billion.