ALBAWABA – Egypt's primary budget surplus comprised 1.2 percent of the country’s gross domestic product (GDP) in the first 11 months of the current fiscal year, 2022/23, ending in June 31, Egypt’s Minister of Finance Mohamed Maait said on Friday.
Primary surplus is revenue minus expenditures before interest payments on debt.
Maait made his remarks during a meeting with members of the Egyptian-British Chamber of Commerce.
The primary surplus in 2023/24 is expected to reach 2.5 percent of the GDP according to the budget, Ahram Online reported.
In the 11-month duration, tax revenues increased by 29.4 percent while tourism revenues grew by 26 percent, Maait said.
Government revenues are expected to reach EGP1.518 trillion ($49.3 billion) by the end of 2022/23, and that it will grow by 41 percent in 2023/24, to EGP 2.14 trillion ($69.4 billion), he said.
The budget deficit – which is the difference between the government's revenues and spending – is estimated to reach 6.4 percent of the GDP by the end of the current fiscal year. It is expected to increase to 6.9 percent in the next fiscal year, the minister added.
