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Budget deficit rises to EGP 83.9 billion in 2 months: Finance ministry

MENA , Monday 12 Nov 2018
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The state's budget deficit rose 1.7 percent to hit EGP 83.9 billion in July-August 2018, or 1.6 percent of the GDP, up from EGP 74.6 billion in the same period of 2017, Finance Ministry reported Sunday.

Revenues increased by 34.9 percent to EGP 100.6 billion in July and August 2018, up from EGP 74.5 billion last year, the ministry said in a recent report. 

The ministry attributed the increase to a rise in tax revenues by 50 percent to reach EGP 83.9 billion, while non-tax revenues went down by 10 percent to EGP 16.7 billion.

The total expenses went up by 23.7 percent to EGP 184.2 billion, compared to EGP 148.9 billion. 

Wages and labor's remuneration also rose by 24.8 percent to EGP 46.7 billion, the statement added.

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