Egypt sees deficit at 14-14.5 percent of GDP next fiscal year
by
Apr 28, 2014 - 12:00 am GMT+3
by
Apr 28, 2014 12:00 am
CAIRO — The Egyptian government sees its budget deficit running at 14-14.5 percent of gross domestic product in the fiscal year starting on July 1, Finance Minister Hany Dimian said on Sunday, above a target of 10-10.5 percent he gave in March.
Egypt's economy has suffered from more than three years of political turmoil that has driven away tourists and investment. Last month, Dimian cut the economic growth target for the fiscal year to the end of June to 2-2.5 percent from 3-3.5 percent.
"We expect the budget deficit in the new budget to stand at 340-350 billion Egyptian pounds ($48.60 billion-$50.03 billion), which is around 14 to 14.5 pct of GDP," Dimian said in an interview with CBC, a local TV station.
Egypt's fiscal year runs from July 1 to June 30.
About the author
Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University
Keep up to date with what’s happening in Turkey,
it’s region and the world.
You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.