Egypt’s 2015-16 budget deficit widens to 12.2%, GDP growth slows to 3.8%

Egypt’s budget deficit for 2015-2016 stood at 12.2 percent, up from 11.5 percent a year earlier, Deputy Finance Minister for Treasury Affairs Mohamed Muait told Reuters on Monday.

Two other finance ministry officials said that growth for the year reached 3.8 percent, lower than the targeted growth of 5 percent, and down the 4.2 percent growth in the previous year.