Egypt achieved a primary budget surplus of EGP 21 billion, representing 0.4 percent of gross domestic product (GDP) in July-December 2018, compared to a primary budget deficit of EGP 14 billion that constituted 0.3 percent of GDP a year earlier, according to an official report.
During a cabinet meeting chaired by Prime Minister Mostafa Madbouli on Wednesday, Minister of Finance Mohamed Maait reviewed a report about the main features of financial performance for the 2018/2019 fiscal year.
Egypt’s total budget deficit declined to 3.6 percent of GDP in the first half of the 2018/2019 fiscal year, compared to 4.2 percent of GDP during the same period last year, the minister said during the meeting.
This improvement in financial performance comes as a result of the continuity of enhancing the country’s economy, its efforts to maintain fiscal consolidation of the general budget as well as implementing the economic and financial reform program.
The report noted that Egypt’s government revenues registered an annual surge of 28 percent in July-December 2018, while the budget expenditures were estimated at 18 percent during the same period.
Tax revenues recorded an annual increase of 22.2 percent in the last six months of 2018, it added.