Egypt Revises Up 2011/12 Budget Deficit To 11 Pct Of GDP

Egypt revised up its budget deficit for the 2011/12 fiscal year to 11 percent of gross domestic product from an earlier projection of 8.6 percent, the finance minister said on Tuesday.

The deficit was 170 billion Egyptian pounds ($27.92 billion)in the year that ended on June 30 and not the 134 billion pounds projected earlier, Mumtaz al-Saeed said in a statement carried on the Finance Ministry website.

Reuters