Cairo – Mubasher: Egypt posted a budget deficit of EGP 462.7 billion during fiscal year 2019/2020, representing 7.89% of gross domestic product (GDP), compared to EGP 429.9 billion or 8.2% of GDP a year earlier.
According to the general budget final account issued by the Ministry of Finance, total revenues rose by 3.6% to EGP 975.4 billion in the year ended 30 June, compared to EGP 941.9 billion in FY18/19.
Tax revenues increased by 0.5% year-on-year (YoY) to EGP 739.6 billion in FY19/20 from EGP 736 billion.
Meanwhile, expenditures grew by 4.7% to EGP 1.434 trillion in the last fiscal year, compared to EGP 1.369 trillion in FY18/19.
Spending on state employee wages and compensations climbed by 8.5% to EGP 288.7 billion in FY19/20 from EGP 266 billion a year earlier, while spending on goods and services increased to EGP 69.8 billion from EGP 62.3 billion.
On the other hand, spending on subsidies, grants, and social benefits fell to EGP 229.2 billion from EGP 287.4 billion.
Meanwhile, interest expenses increased to EGP 568.4 billion in FY19/20 from EGP 533 billion in FY18/19.
