Egypt’s overall budget deficit reaches 4.95% of GDP in FY ’23-24

Egypt’s overall budget deficit reached 4.95 per cent of GDP in the third quarter of the fiscal year (FY) 2023-2024, while the country’s budget achieved an initial surplus of 150 billion Egyptian pounds in the same period, compared to 25 billion pounds a year earlier, Egypt’s Minister of Finance Mohamed Maait told a cabinet meeting.

He added that revenues rose by 41.6 per cent from July to December of FY 2023-2024 year on year, while total tax revenues also increased at an annual rate of 43.4 per cent.