Egypt's Budget Deficit Declines to 2.6 Percent of GDP

Published November 18th, 2020 - 07:00 GMT
Egypt's Budget Deficit Declines to 2.6 Percent of GDP
He noted that the state's revenues rose 15.5% Year on Year, driven by a rise of 11.4% in tax proceeds. (Shutterstock)
Highlights
The div is a decline from the 3.1% recorded in the same period last year, Maait added.

Egypt's budget deficit narrowed to 2.6% of the gross domestic product during the first four months of the fiscal year 2020/2021, Al Borsa News quoted Finance minister Mohamed Maait on November 17th.

The div is a decline from the 3.1% recorded in the same period last year, Maait added.

He noted that the state's revenues rose 15.5% Year on Year, driven by a rise of 11.4% in tax proceeds.

The minister earlier announced that the budget lost EGP 220 billion worth of revenues in the fourth quarter of the fiscal year 2019/2020 due to the coronavirus pandemic.

Fitch Solution expects the country to register the highest economic growth at 4% in the region during the 2020-2024 period.


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