Egypt’s total public revenues mount to EGP 806bln in 2017/18: CBE

Egypt’s total public revenues amounted to 805.7 billion  Egyptian pounds during  fiscal year 2017/2018, according to the Central Bank of Egypt (CBE).

While the total expenditure hit 1.229 trillion, bringing the total deficit to  432  billion pounds,  thus 9.8 percent of Egypt’s gross domestic product (GDP).

Regarding 2018/2019 budget, with total amount of subsidies, grants and social benefits recording 332 billion pounds, in the general state budget for the fiscal year 2018-2019, including petroleum products  subsidies of  89 billion pounds, and the electricity sector subsidies 16 billion pounds.

However, The Egyptian economy witnessed progress in several indicators during 2017 and 2018 after applying the economic reforms starting mid-2016. The most significant successes were declining the inflation and unemployment rates and boosting foreign reserve.