Egypt’s budget deficit has widened to EGP 175.9 billion in nine months since the start of the new fiscal year, registering 10.1% of the country’s GDP, the Ministry of Finance’s monthly report revealed.
The budget deficit reached EGP 113 billion in the first nine months of the last fiscal year.
The state’s revenues surged by 5.4% from July 2012 to March 2013 to reach EGP 208.2 billion after it had been EGP 197.5 billion during the first nine months of the previous fiscal year, as tax revenue rose 17.9%, while non-tax revenue fell 20%, the report added.
The country’s expenditures increased 23% during nine months to reach EGP 382.5 billion, up from EGP 310.8 billion. Such increase is a result of increasing social benefits and subsidies by 22.3% to reach EGP 116.7 billion, registering 30.5% of the total value of expenditures.
