Egypt’s total budget deficit hits 3.2% of GDP in first 2 months of FY2023/24
Updated 11/14/2023 8:44:00 AM
Arab Finance: Egypt’s total budget deficit reached 3.2% of gross domestic product (GDP) during the first two months of the current fiscal year (FY) 2023/2024, compared to 1.4% during the same period a FY earlier, Asharq Business reported on November 13th, citing data from the Ministry of Finance.
The data also showed that the interest on government debt increased by 161% to about EGP 391.773 billion at the end of last August.
Moreover, government subsidies and grants climbed by 21.5% during the two-month period to EGP 60.331 billion, as per the data.
Meanwhile, wages and compensations for public employees reached EGP 79.999 billion, climbing by 74% in July and August combined.
In the first two months of FY 2023/2024, government expenses grew by 92% year on year (YoY) to around EGP 590.7 billion, while revenues increased by 28% YoY to EGP 207 billion, with tax revenues amounting to EGP 172.5 billion.
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