Egypt’s Deficit Up

Egypt posted a budget deficit of E£218.3bn ($28.7bn), or 9.4% of GDP, for first nine months of fiscal year 2014-15 (July 2014 to March 2015), up from E£145bn, or 7.3% of GDP, in the corresponding period of 2013-14, Egypt’s Ministry of Finance said in its April Financial Monthly. These figures imply a full year 2014-15 deficit of E£291bn ($38.3bn), 21% higher than the budgeted E£240bn ($31.6bn). Compared to the actual budget deficit for 2013-14 of E£255bn ($33.6bn), the estimated deficit for 2014-15 will then represent a smaller increase of 14%. The actual numbers show that the 2013-14 deficit shot up by E£110bn ($14.5bn) in the last three months of the year. (CONTINUED - 390 WORDS)