Ministry of Finance: Total budget deficit at LE239.9bn

Egypt's total budget deficit hit LE239.9 billion during fiscal year 2012-2013, representing 13.8 percent of the country's GDP, according to a report by the Ministry of Finance on Thursday.
 
The current deficit is a jump from the LE166.7 billion deficit during the previous fiscal year, the report added.
 
It must be noted, however, that the initial data in the 2012-2013 budget are preliminary and susceptible to change pending the conclusion of state bodies' balance sheets.
 
The report predicted the deficit to account for 9.1 percent of the GDP during 2013-2014 at nearly LE186 billion.
 
According to the report, state revenue increased by 13.5 percent to LE344.6 billion during the last fiscal year, up from LE303.6 billion during the previous year, thanks to a 21 percent increase in tax revenues.
 
The increase in tax gains was the result of a 29 percent increase in income during 2012-2013.
 
Non-tax revenues, however, dropped by 2.8 percent during 201-2013 as foreign grants decreased 50 percent.
 
Total expenditure soared by 23.7 percent during the last fiscal year at LE582.7 billion, up from LE471 billion during the preceding year.
 
Edited translation from MENA