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FinancialNews


  • 13-12-18

    Egypt could shrink to 6.4 percent in fiscal deficit

    (MENAFN) Egypt is expected to see a decline in its fiscal deficit by the fiscal year 2019-20 to reach 5.4 percent of the GDP.

    MENA news agency made the forecast in a report Fitch Solutions carried, comparing the figure with the 9.4 percent of fiscal deficit recorded in the fiscal year 2017-18.

    Egypt was also projected in the report to hit 7.8 percent of GDP in its fiscal deficit by 2018-19 fiscal year.

    According to the report, "Egypt's fiscal deficit will continue to shrink in the coming years as robust economic growth and fiscal reforms bolster revenues and help to temper expenditure growth."

    Referring to the country's fiscal reforms, the report said: "as a result, we believe that Egypt recorded a primary surplus of 0.2 percent of GDP in 2017/18 FY, the first time the country has run a primary surplus since 2003/04 FY."

    MENAFN1312201800450000ID1097824403

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