Egypt’s Budget Deficit Hits EGP 69.6 Bln In Q1

Egypt’s budget deficit rose by 3.9% to register EGP 69.6 billion at the end of Q1 of FY 2012/2013, up from EGP 47.2 billion at the end of the compared period of the last fiscal year, according to a statement released by the Ministry of Finance.

The primary deficit-to-GDP ratio surged to 1.4%, compared to EGP 1% at the end of same period in the last fiscal year, the statement added.

The overall budget deficit ratio increased because general expenditures increased by 27.8%, registering EGP 141.7 billion at the end of Q1, compared to EGP 110.9 billion at the end of the compared period.

The revenues climbed by 13.5% in Q1, registering EGP 72.8 billion, compared to EGP 64.1 billion at the end of the compared period. The tax revenues rose by 30.7%, offsetting a sharp drop of 21.3% in non-tax revenues during July-October 2012.