Cairo – Mubasher: Egypt’s budget deficit reached EGP 134.9 billion or 2.1% of gross domestic product (GDP) in the first quarter of fiscal year 2020/2021, compared to EGP 131.4 billion or 2.3% of GDP in the year-ago period, official data showed.
The North African nation’s revenues increased by 18.4% year-on-year (YoY) to EGP 204.7 billion in the July-September period from EGP 172.9 billion, according to a report by the Ministry of Finance on Monday.
Tax revenues rose by 14.1% to EGP 150 billion in the three-month period ended 30 September, compared to EGP 131.5 billion in the corresponding period a year earlier, while the non-tax revenues surged by EGP 13.2 billion YoY to EGP 54.6 billion from EGP 41.4 billion.
In the meantime, expenditures grew by 11% annually to EGP 336.8 billion in the July-September period, compared to EGP 303.3 billion.
Spending on wages and compensations for state employees rose by 5.1% to EGP 78.7 billion from EGP 74.9 billion, while Treasury contributions to pension funds went up by EGP 22.5 billion to EGP 28.5 billion.
Allocations to support exports reached EGP 1.7 billion, while expenses on healthcare insurance subsidies increased by 2.3% to EGP 1.2 billion.
