28 February 2013

Egypt: Finance Ministry - Budget Deficit Hits LE 119.8 Billion in Seven Months

The total budget deficit in the July-January period in the current Fiscal Year hit LE 119.8 billion, according to a report released by the Finance Ministry on Wednesday 27/2/2013.

The report added that the deficit constitutes around 6.7 per cent of the gross domestic product and comes against LE 88.2 billion deficit in the same period last year.

State revenues, added the report, increased in the said period to LE 169.7 billion against LE 135 billion in the same period last year, thanks to an increase in tax revenues at a rate of 35.4 per cent.

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