Egypt Budget Deficit Hits 5-Year Low After Cost-Cutting Measures
- Gap shrinks to 10.9% of GDP from 12.5% in last fiscal year
- Economy grew 4.1%; trade deficit fell 26%, presidency says
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Egypt’s budget deficit fell to the lowest level in five years, after the government embarked on an International Monetary Fund-backed plan to repair public finances that includes steep cuts to welfare programs.
The budget gap for the fiscal year ended June 30 shrank to 10.9 percent of gross domestic product from 12.5 percent a year earlier, the president’s office said in an emailed statement. The primary deficit, a measure that strips out interest payments, fell to 1.8 percent of GDP from 3.5 percent.