Egypt : deficit in Fiscal Year 2017-2018 down by 1.1 percent only

At the start of his term, which began on 8 June 2014, Al-Sisi made great promises regarding Egypt's economic future. The latter are fulfilling today as Egyptian economy is rising again. © RR

Casablanca (ADV) – Egypt’s budget deficit in the 2017-18 fiscal year recorded 9.8 percent of gross domestic product (GDP), down from 10.9 percent in the previous fiscal year, an Egyptian official said Thursday.

According to Egyptian Finance Minister Mohamed Ma’it, this is the first time the deficit has fallen below the 10 percent benchmark for six years.

It is also the first time in 15 years for the final state budget account to record a primary surplus, with Egypt registering a profit of 4.4 billion Egyptian pounds in 2017-18 fiscal year (nearly 250 million U.S. dollars), official Ahram Online news website quoted the minister as saying.

Proceeds from taxation recorded 566 billion pounds at the end of 2017-18 fiscal year, 28.2 percent higher than the targeted figure in the budget.

© Bur-csa – ADV