Egypt lowers debt-to-GDP ratio in 2022/23 amid revenue surge

The modified estimate came as the country’s budget deficit edged lower to six percent from 6.1 percent in the previous year,

Total government revenue rose by 15.5 percent on a yearly basis in FY2022/23, supported by a 27.2 percent increase in tax revenue and a 71 percent surge in revenue generated from the Suez Canal, Maait revealed.

The minister highlighted that customs taxes generated EGP 54.6 billion, representing a 27.2 percent yearly increase. Simultaneously, property taxes jumped by 34 percent to EGP 6.2 billion.

Maait also revealed, according to the same statement, that the cost of food subsidies increased by more than 35.3 percent to EGP 121.8 billion in FY2022/23 from EGP 90 billion in the previous year.

Maait stated that petroleum products subsidies surged by 93.5 percent on an annual basis to reach EGP 116 billion in FY2022/23.