Italy inflation edges up in April '25    EGP closes high vs. USD on Wednesday    Germany's regional inflation ticks up in April    Taiwan GDP surges on tech demand    Germany among EU's priciest labour markets – official data    UNFPA Egypt, Bayer sign agreement to promote reproductive health    Egypt to boost marine protection with new tech partnership    Eygpt's El-Sherbiny directs new cities to brace for adverse weather    Cabinet approves establishment of national medical tourism council to boost healthcare sector    CBE governor meets Beijing delegation to discuss economic, financial cooperation    Egypt's investment authority GAFI hosts forum with China to link business, innovation leaders    Egypt's Gypto Pharma, US Dawa Pharmaceuticals sign strategic alliance    Egypt's Foreign Minister calls new Somali counterpart, reaffirms support    "5,000 Years of Civilizational Dialogue" theme for Korea-Egypt 30th anniversary event    Egypt's Al-Mashat urges lower borrowing costs, more debt swaps at UN forum    Egypt's Al-Sisi, Angola's Lourenço discuss ties, African security in Cairo talks    Two new recycling projects launched in Egypt with EGP 1.7bn investment    Egypt pleads before ICJ over Israel's obligations in occupied Palestine    Egypt's ambassador to Palestine congratulates Al-Sheikh on new senior state role    Sudan conflict, bilateral ties dominate talks between Al-Sisi, Al-Burhan in Cairo    Cairo's Madinaty and Katameya Dunes Golf Courses set to host 2025 Pan Arab Golf Championship from May 7-10    Egypt's Ministry of Health launches trachoma elimination campaign in 7 governorates    EHA explores strategic partnership with Türkiye's Modest Group    Between Women Filmmakers' Caravan opens 5th round of Film Consultancy Programme for Arab filmmakers    Fourth Cairo Photo Week set for May, expanding across 14 Downtown locations    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Ancient military commander's tomb unearthed in Ismailia    Egypt's FM inspects Julius Nyerere Dam project in Tanzania    Egypt's FM praises ties with Tanzania    Egypt to host global celebration for Grand Egyptian Museum opening on July 3    Ancient Egyptian royal tomb unearthed in Sohag    Egypt hosts World Aquatics Open Water Swimming World Cup in Somabay for 3rd consecutive year    Egyptian Minister praises Nile Basin consultations, voices GERD concerns    49th Hassan II Trophy and 28th Lalla Meryem Cup Officially Launched in Morocco    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    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 budget deficit eases to 3.3 per cent on foreign assistance
Gulf aid helps an upsurge in state revenues leading to a drop in the country's deficit for the first quarter of the 2011/12 financial year
Ahram Online Published in Ahram Online on 07 - 12 - 2011

Egypt's total state deficit dropped to 3 per cent of GDP in the first quarter of the current 2011/12 financial year, down from 3.3 per cent the year before, state figures on Wednesday showed.
The total deficit for the current financial year is projected at 8.6 per cent of GDP, but some analysts and officials claim it could climb as high as 11 per cent.
The drop in the quarterly deficit is attributed to a growth in revenues, partially offset by a surge in expenditures.
As both tax and non-tax income increased, total public revenues grew 23 per cent between July and October 2011, compared to the same period the year before.
Total revenues reached LE64 billion in the three months from July, up from LE52 billion last year.
Non-tax income drove the revenue growth, climbing LE10.4 billion to reach LE21.2 million in 2011 -- a surge of 96 per cent.
This growth is attributed to the surge in foreign assistance Egypt received in October, which included $500 million from Saudi Arabia and a similar amount from Qatar.
Returns from government holdings grew 57 per cent to reach LE10.4 billion. The Suez Canal, one of Egypt's main foreign currency earners, also witnessed a surge in revenues, climbing LE1.4 billion to reach LE6.1 billion over the three months.
Tax income grew by LE1.4 billion to reach LE42.8 billion, mainly due to a 30 per cent increase in Suez Canal by taxes and a hike in wage taxes.
Property taxes, which mainly comprise levies on securities holdings, increased by 17 per cent to reach LE4 billion.
The report also shows a 13.5 per cent surge in total expenditures, to reach LE110.9 billion.
The growth was mainly driven by a 25 per cent increase in wages, which reached LE35.9 billion, making up a third of total expenditures.
Subsidies also increased by LE6.4 billion to reach LE22.1 billion -- a fifth of total state expenditures.
Total social protection expenditure reached 28 per cent of total spending, with public services at 27 per cent. Education and health made up 12 and 5 per cent, respectively.
http://english.ahram.org.eg/News/28745.aspx

Clic here to read the story from its source.