Egypt’s July-August budget deficit at 2.4 percent of GDP

Egypt’s budget deficit as a percentage of the gross domestic product (GDP) in the first two months of the ongoing fiscal year 2015/2016 is 2.4 percent, the equivalent to EGP 68.3 billion (1$=8.03EGP), the Finance Ministry said on Tuesday.
The percentage is similar to the deficit end recorded in the same period in the past fiscal year, which ended in June 2015, at a deficit of 2.3 percent of GDP.

The budget deficit for the months of July and August was caused by increases in both revenues and expenses, the ministry said in a monthly report.

The Egyptian government is expecting a budget deficit of 8.9 percent for the entire fiscal year which will end next June, totaling EGP 251 billion.