Budget deficit widens to 9.8% of GDP in 10M FY15/16
Rising public sector wages and welfare costs caused the budget deficit to widen to 9.8% of GDP (EGP273bn pounds) between July 2015 and April 2016, up from 9.5% (EGP231bn) a year earlier, according to Finance Ministry monthly report. Basic commodities also contributed to the budget deficit, which a rise in tax income failed to contain. The Ministry also reported a slowdown in economic growth to 4.5% in 1H FY15/16, from 5.5% in the same period last year, citing a slowdown in global growth rates. (Reuters)
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