Budget deficit hits 7% in first 8 months of FY2016/17

CAIRO – 5 May 2017: Egypt’s budget deficit hit seven percent of the Gross Domestic Product (GDP), at 226 billion EGP, during the first eight months of the current fiscal year (FY) 2016/2017, the Finance Ministry announced Thursday in a statement.

The figure has increased compared to the 222.9 billion EGP deficit registered in the previous FY 2015/2016, representing 8.2 percent of GDP, the statement said.

It is expected that the budget deficit for the current fiscal year to amount to 322 billion EGP. The government expects the deficit for the current FY year, ending June 30, to stand between 10.5 percent and 10.7 percent, compared to12.2 percent in the last fiscal year.

The Cabinet approved the 2017/2018 budget late March, targeting a 9.1 percent deficit.