Ministry: Egypt’s budget deficit widens to LE107.9 bln in July-Nov 2014/2015

Egypt’s overall budget deficit widened to  4.6 percent of the gross domestic product (GDP) reaching LE 107.9 billion for the period July-November 2014/2015, compared to 3.3 percent (LE 65.9 billion) during the same period a year, according to a report by the Finance Ministry.

The monthly financial report of December 2014, issued by the Finance Ministry, said that the overall budget deficit widening could be explained in light of high growth of Expenditure (10 percent of GDP), accompanying a deceleration in Revenues (5.4 percent of GDP).

Total revenues recorded LE 126 billion (5.4 percent of GDP) during July- November 2014/2015,decelerating by around LE 0.6 billion compared to same period last year.

Meanwhile, total expenditures recorded LE 231.8 billion (10 percent of GDP) during July-November 2014/2015, increasing by around LE 41 billion (21.5 percent growth) compared to same period last year.

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