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Saturday, 19 October 2019

Egypt budget deficit drops in first two months of 2018/19

Ahram Online, Wednesday 31 Oct 2018
Cairo's headquarters of the Egyptian ministry of finance (Photo: Al-Ahram)
Views: 2355
Views: 2355

Egypt's state budget deficit has decreased to 1.6 percent of the GDP during the first two months – July and August – of the current fiscal year, compared to 1.7 percent in the same period last year, according to the Ministry of Finance's monthly report.

Revenues from taxes on salaries, interest and capital gain rose by 67.8 percent to reach EGP 33.3 Billion.

Taxes from salaries increased by 32.5 percent, reaching EGP 7.1 billion, while Suez Canal revenues tripled to EGP 6.7 billion.

According to the report, the decrease in the deficit is due to a rise in revenues, which increased by 34.9 percent this fiscal year, registering EGP 100.6 billion compared to EGP 74.5 billion the previous year.

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