Egypt's 11-month primary surplus 1.2% of GDP: Finance minister

Ahram Online , Saturday 17 Jun 2023

Egypt's primary budget surplus was 1.2 percent of GDP during the first 11 months of the current fiscal year (FY2022/23), which ends 31 June, Egypt’s Minister of Finance Mohamed Maait said on Friday.

A file photo of Egypt s finance minister Mohamed Maait

 

Maait made his remarks while meeting with members of the Egyptian-British Chamber of Commerce.

The primary surplus consists of revenue minus expenditures before interest payments on debt.

Egypt aims to achieve a primary surplus of 1.5 percent by the end of FY2022/23, Maait said in a separate meeting on Friday with members of Arab Bankers Association in London. 

The primary surplus in FY2023/24 is expected to reach 2.5 percent of the GDP according to the budget figures.

During the first 11 months of FY2022/23, tax revenues increased by 29.4 percent while tourism revenues grew by 26 percent, Maait said.

Egypt expects government's revenues to reach EGP 1.518 trillion (about $49.3 billion) by the end of FY2022/23, and that it will grow by 41 percent in FY2023/24 to EGP 2.14 trillion (about $69.4 billion).

The budget deficit – which is the difference between the government's revenues and spending – is estimated to reach 6.4 percent of the GDP by the end of the current fiscal year, and 6.9 percent in the next fiscal year.

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