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Egypt GDP hits EGP567bn in Q2 of fiscal year

Egypt’s gross domestic product reached EGP567.4 billion ($79.5bn) in the second quarter of the current fiscal year 2014–2015, compared with EGP499.3bn in the same period last year, according to official figures.

The Central Agency for Public Mobilisation and Statistics reveals that the growth rate in the second quarter of the current fiscal year (which started in July 2014) stood at 4.3 per cent.

The data, published by Youm7, shows that Egypt’s GDP per capita is EGP25,847 in the three-month period, compared with EGP23,301 in the same period of the last fiscal year.

Meanwhile, figures released by the same body indicate that Egypt’s budget deficit shot up to EGP177.079bn in the first 8 months of the 2014–2015 fiscal year.

The country’s budget deficit is higher by 48 per cent or EGP57.987bn, compared with EGP119.092bn in the same period in the last fiscal year.

The total value of public revenues in the 8-month period slumped by 18.2 per cent to EGP208.078bn from EGP254.224bn in the same period of the past year, while public expenditure rose to EGP385.157bn from EGP373.316bn, up by 3.2 per cent.

The deficit is driven by a number of factors, notably, the higher spending on social assistance programs and the rising cost of commodities and electricity subsidies.