From Miami Sands to Brussels Boardrooms: The High-Stakes Gambit for Ukraine's Future    Mediterranean veterinary heads select Egypt to lead regional health network    Ramy Sabry performs at opening of "The Village" in Egypt's Celia development in New Administrative Capital    Egypt demands 'immediate' Israeli withdrawal from all Lebanese territory    Cairo and Beirut seek deeper economic integration through private sector and infrastructure projects    Egypt's West Gerga industrial zone hosts Middle East's first cooling compressor plant    Foreign troop withdrawal from Libya, Sudan ceasefire urged by Egypt and Algeria    Egyptian-built dam in Tanzania is model for Nile cooperation, says Foreign Minister    Egypt says Qatari Al Mana fuel project in Sokhna does not involve land sale    Egypt partners with global firms to localise medical imaging technology    The Long Goodbye: Your Definitive Guide to the Festive Season in Egypt (Dec 19 – Jan 7)    EGX closes in red zone on 18 Dec.    Al-Sisi affirms support for Sudan's sovereignty and calls for accountability over conflict crimes    Egypt flags red lines, urges Sudan unity, civilian protection    Oil prices rise on Thursday    Egypt's Al-Sisi offers to host talks to support DRC peace process in call with Tshisekedi    Central Bank of Egypt, Medical Emergencies, Genetic and Rare Diseases Fund renew deal for 3 years    Egypt's SPNEX Satellite successfully enters orbit    Egypt unveils restored colossal statues of King Amenhotep III at Luxor mortuary temple    Egyptian Golf Federation appoints Stuart Clayton as technical director    4th Egyptian Women Summit kicks off with focus on STEM, AI    Egypt's PM reviews major healthcare expansion plan with Nile Medical City    UNESCO adds Egyptian Koshari to intangible cultural heritage list    UNESCO adds Egypt's national dish Koshary to intangible cultural heritage list    Egypt recovers two ancient artefacts from Belgium    Egypt, Saudi nuclear authorities sign MoU to boost cooperation on nuclear safety    Giza master plan targets major hotel expansion to match Grand Egyptian Museum launch    Australia returns 17 rare ancient Egyptian artefacts    China invites Egypt to join African duty-free export scheme    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches Red Sea Open to boost tourism, international profile    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's deficit hits 9.3% of GDP in first 11 months of current fiscal year
Ahram Online Published in Ahram Online on 04 - 07 - 2014

Egypt's budget deficit reached 9.3 percent of its gross domestic product (GDP) in the first eleven months of the current fiscal year, compared to 11.7 percent recorded in the same period in FY2012/2013, according the finance ministry's monthly report for June.
The deficit totalled some LE189 billion ($26.4 billion) for the period of July 2013 to May 2014, compared to around LE205 billion ($28.6 billion) in the same months of the preceding fiscal year.
Egypt's minister of finance, Hany Kadry Demian, said in March the state's budget deficit for fiscal year 2013/14 would be around 12 percent.
Revenues amounted to some LE338 billion ($47.3 billion), compared to approximately LE271 billion ($37.9 billion) in the first eleven months of the previous year, with taxes contributing LE213 billion ($29.8 billion) of the total, or 63 percent, compared to LE204 billion ($28.5 billion), or 75 percent.
State expenditure increased to LE520 billion ($72.7 billion), from LE474 billion ($66.3 billion) in July 2012 to May 2013, with wages and compensation accounting for 29 percent of spending, slightly up from the same period of the previous year's 26 percent.
Egypt's government has enacted two stimulus packages worth a total of LE60 billion ($8.6 billion) since Islamist president Mohamed Morsi's ouster last summer, including the introduction in January of a new public sector minimum wage, at an estimated cost of LE18 billion ($2.6 billion) a year.
Fuel subsidies totalled LE49 billion ($7 billion), accounting for Egyptian General Petroleum Company's (EGPC) revenues and Gulf petroleum aid.
The report's preliminary results show that Egypt's total domestic debt stood at LE1.6 trillion ($223.8 billion) in March 2014, or 78.9 percent of GDP, compared to almost LE1.4 trillion ($195.8 billion) in the same period a year earlier.
External debt stands at LE45.7 billion ($6.5 billion) as of December 2013, or 15.5 percent of GDP, compared to LE38.8 billion ($5.6 billion) in December 2012, or 14 percent of GDP.
http://english.ahram.org.eg/News/105451.aspx

Clic here to read the story from its source.