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Egypt’s economy variations, deficit rises to EGP68 billion

This is highest level in 3 years, EGP12.3bn more than the previous year

Egypt’s budget deficit rose during the first two months of the fiscal year 2015/2016, to EGP68.3 billion, accounting for 2.4 per cent of GDP, announces the Ministry of Finance.

The deficit rate recorded during July and August is roughly EGP12.3bn more than the deficit recorded during the same period last year, while it recorded the highest increase in revenue during the same period over the last three years, reports CNN Arabic.

According to a report by the Ministry of Finance, the total revenue during the same two months rose by 34.5 per cent, to a record EGP46.3bn compared to EGP34.4bn during July and August of 2014.

The report also points out that tax revenues during July and August were at EGP36bn, an increase of close to 30 per cent, while non-tax revenues rose by up to 56.6 per cent, to EGP10.2bn, during the period under study.

(EGP1 = AED 0.46, at the time of publishing)