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Egypt budget deficit reaches $29 bn in 1st 11 months of 2012/13

State budget deficit rises by 50 percent to some LE205 billion – or 11.8 percent of GDP – in first 11 months of current fiscal year, finance ministry reports

Ahram Online, Friday 21 Jun 2013
Fayad Abdel-Moneim
Minister of Finance Fayad Abdel-Moneim (Photo: Ahram)
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Egypt’s total budget deficit reached LE205 billion (roughly $29.2 billion) – representing 11.8 percent of GDP – in the first 11 months of the 2012/13 fiscal year, the finance ministry reported Thursday.

The deficit rose by roughly 50 percent on the same period the previous fiscal year, when it stood at LE136.5 billion (roughly $19.5 billion), the ministry added.

Last week, Investment Minister Yehia Hamed said the state budget would face a total deficit of around LE220 billion (roughly $31.4 billion) for the current fiscal year ending 30 June.

Meanwhile, state revenue rose by 4.5 percent for the July-May period of 2012/13 compared to the same period the previous fiscal year, reaching LE271.3 billion (roughly $38.7 billion).

The finance ministry attributed the rise to a 14.1-percent increase in tax returns in the first 11 months of 2012/13 worth a total of LE91.7 billion (roughly $13 billion).

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