ICEC

Egypt’s budget deficit falls 1.6% in first 2 months of FY2018/19

Egypt’s state budget deficit decreased by 1.6 percent of the GDP during the first two months- July and August- of the current financial year 2018/2019 from to 1.7 percentlast year, according to the Ministry of Finance’s monthly report.

Revenues from taxes on salaries, interest and capital gain rose by 67.8 percent to reach 33.3 billion pounds.

Taxes from salaries increased by 32.5 percent, reaching 7.1 billion pounds, while Suez Canal revenues tripled to 6.7 billion pounds.

According to the report, the decrease in the deficit is due to a rise in revenues, which increased by 34.9 percent this financial year, registering 100.6 billion pounds, compared to 74.5 billion pounds the previous year.

Source: Ahram Online

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