Egypt's budget deficit narrows to 9.8pc in FY 2017/18

Published: July 26, 2018 16:51:52 | Updated: August 30, 2018 18:12:23

Egypt’s budget deficit for the 2017-2018 fiscal year was 9.8 per cent of gross domestic product (GDP), down from 10.9 per cent the previous year.

Egypt achieved a primary fiscal surplus for the first time in 15 years, making 4.0 billion Egyptian pounds ($224 million), deputy finance minister Ahmed Kouchouk said on Thursday, reports Reuters.

Egypt’s tax revenues increased by 36 per cent in the fiscal year, to 628 billion Egyptian pounds, he added. 

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