Egypt’s overall budget deficit drops to 6% of GDP in FY2022–2023

Egypt’s total budget reaches six percent of gross domestic product (GDP) during the finished financial year (FY) 2022/2023, Mohamed Maait, Minister of Finance, said in a statement.

Egypt also attained a primary surplus of 1.6 percent during FY 2022/2023, Maait stated.

The country’s debt leapt to 96 percent at the end of June 2023, down from 103 percent in FY 2015/2016, he added.

Moreover, Maait pointed out that spending on the healthcare and education sectors increased by 8.2 percent and 8.9 percent year on year (YoY), respectively.

Public expenditures increased by 19.3 percent, and wages and workers’ compensation rose by 15 percent, as per the minister.

Additionally, tax revenues climbed by 26.9 percent YoY in FY 2022/2023, he said.

Maait also revealed that the government will support pensioners with 202 billion Egyptian pounds during the current FY 2023/2024.

The public treasury has transferred more than 768 billion Egyptian pounds to the National Organization for Social Insurance (NOSI) in 52 months, he added.