Cairo – Mubasher: Egypt’s fiscal budget deficit widened to 2.1% of gross domestic product (GDP) during the first quarter of fiscal year 2019/2020, compared to 1.9% of GDP in Q1 of FY18/19, according to the Ministry of Finance’s latest monthly report.
Meanwhile, the North African nation’s revenues retreated to EGP 172.9 billion in the July-September period, compared to EGP 174.49 billion in the prior-year period.
On the other hand, expenditures grew to EGP 303.34 billion in the three-month period ended 30 September, up from EGP 276.02 billion in the corresponding period a year earlier.
It is noteworthy that during the first two months of FY19/20, Egypt’s total budget deficit fell to EGP 78.19 billion, representing 1.3% of GDP, compared to EGP 83.63 billion, or 1.6% of GDP, in the year-ago period.
