Egypt expects revenue of 280.5 billion Egyptian pounds in the financial year that ends on June 30, 2011, up from a projected 258.4 billion pounds this year, the cabinet said on Wednesday. The budget deficit is projected to be 109.2 billion pounds in the coming year, up from 98.7 billion pounds this year, it added. Parliament has yet to approve the budget. The budget deficit is expected to narrow by 0.5 per cent points to 7.9 per cent of gross domestic product, Finance Minister said. "Budget deficit projected at 7.9 per cent with a reduction of 0.5 per cent of GDP over this year's budget deficit," the minister, Youssef Boutros-Ghali, said in a text message sent to Reuters. The budget estimates that GDP will increase by 5.8 per cent next year from a projected 5 per cent this year.
