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Egypt’s budget deficit surged by 12.3 billion Egyptian pounds (US$1.5 billion) during the period from July to August of the fiscal year 2015/16, compared to the same period of time a year earlier.
The ministry said Wednesday in its monthly report that the state’s budget deficit rose to 68.3 billion pounds from July to August of fiscal year fiscal year 2015/16, making up 2.4 percent of the country’s Gross Domestic Product (GDP).
Egypt’s revenues meanwhile grew 34.5 percent, the highest in the past three years of the July-August period, to hit 46.3 billion pounds, 1.6 percent of the GDP, compared to 34.4 billion pounds, 1.4 percent of GDP, last year, the ministry said.
