Complex Made Simple

Egypt posts lower deficit in first 11 months of fiscal year

According to the monthly report of Egypt’s finance ministry, the country’s budget deficit reached 9.3% of its gross domestic product (GDP) in the first eleven months of the current fiscal year, compared with 11.7% recorded in the same period in FY2012/2013, Ahram has reported. The deficit totalled some EGP189bn ($26.4bn) for the period of July 2013 to May 2014, compared with around EGP205bn ($28.6bn) in the same months of the preceding fiscal year, the data showed.