Egypt Independent

Egypt budget projects 12.5% higher deficit in 2012/13

Egypt's overall budget deficit will rise 12.5 percent to LE135 billion in the fiscal year that began on 1 July, according to a draft budget posted on the Finance Ministry's website on Sunday.

The deficit represents 7.9 percent of projected gross domestic product, down from 8.2 percent a year earlier, the ministry said.

Total expenditure will climb to LE533.8 billion from LE476.3 billion in 2011/12, the ministry added.