Egypt’s budget deficit hits EGP222.5 bln in 7 months

Egypt’s budget deficit hit 222.5 billion Egyptian pounds from July to January of 2018/2019, accounting for 4.2 percent of the Gross Domestic Product.

In a report, the ministry said revenues rose by 29 percent to hit  456.5 billion pounds pounds against  353.7 billion pounds  during the corresponding period of the previous fiscal year.

The expenditure increased by 19 percent to reach LE 678.4 billion compared to 570.1 billion pounds.

Wages and compensations increased 17.5 percent to hit 153.4 billion pounds.