Egypt's primary budget surplus registers EGP1bn in July, representing 0.02% of the GDP, compared to a primary deficit of EGP 4.5bn, representing 0.1% of GDP during the same month last year, according to the monthly report issued by the Ministry of Finance (MOF). Meanwhile, the ministry's report showed that the budget deficit recorded 0.6% of GDP during July, compared to 1% during the same month last year. The MOF attributed this to the increase in revenues by 18.6% during the month of study, exceeding the decline in expenditure. The expenditure declined by 5.7% in July. Notably, the primary surplus is the difference between revenues and expenses without calculating the interest expense of debt. The report further explained that revenues rose in July by 18.6%, recording EGP 46.321bn, compared to EGP 39.049bn in the same month last year. Total expenditure also fell by 5.7% in July, dropping to EGP85.298 bn, down from EGP 90.472 bn in the same period last year. Moreover, the MOF declared that the net international reserves NIR increased to $45bn in August 2019, covering eight months of imports. The ministry noted that debt service expenses during the month of July amounted to EGP 40.2bn.
