{"id":547736,"date":"2022-07-05T04:18:42","date_gmt":"2022-07-05T04:18:42","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/budget-deficit-narrows-to-6-1-in-fy2021-2022\/"},"modified":"2022-07-05T04:18:42","modified_gmt":"2022-07-05T04:18:42","slug":"budget-deficit-narrows-to-6-1-in-fy2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/budget-deficit-narrows-to-6-1-in-fy2021-2022\/","title":{"rendered":"Budget deficit narrows to 6.1% in FY2021-2022"},"content":{"rendered":"

<\/a> Gov\u2019t beats FY2021-2022 budget deficit target -preliminary figures: <\/strong>The budget deficit narrowed to 6.1% of GDP in FY2021-2022 from 7.4%<\/a> the year before, according to preliminary figures released by Ittihadiya<\/a> yesterday.<\/p>\n

This is significantly smaller than the <\/strong>6.7% target<\/a><\/strong> in the state budget<\/strong>, and comes despite surging food and energy prices adding bns of USD in unexpected costs during the second half of the year.<\/p>\n

Remember:<\/strong> GDP is likely to have grown at a faster than expected rate last year. The most recent government forecast has growth coming in at 6.2%<\/a>, above the initial 5.4% prediction in the budget, helping to explain how the deficit figure fell so far beyond the original target. Ittihadiya did not include a preliminary full-year GDP figure in the statement.<\/p>\n

The primary surplus fell to 1.3% of GDP during the year<\/strong> from 1.5% in FY 2020-2021, according to the statement. The government had initially targeted a 1.5% surplus last year. This marks the fourth consecutive year during which the state recorded a primary surplus.<\/p>\n

Debt servicing costs as a percentage of GDP fell to 32.8%<\/strong> from 35.8% the year before. A debt-to-GDP figure for the full year wasn\u2019t provided.<\/p>\n

Going forward:<\/strong> The government is targeting<\/a> a 6.1% budget deficit and a 1.5% primary surplus in the current fiscal year. It wants to bring the budget deficit down to 5.0%<\/a> and achieve a 2.0% primary surplus over the next four years.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gov\u2019t beats FY2021-2022 budget deficit target -preliminary figures: The budget deficit narrowed to 6.1% of GDP in FY2021-2022 from 7.4% the year before, according to preliminary figures released by Ittihadiya yesterday. This is significantly smaller than the 6.7% target in the state budget, and comes despite surging food and energy prices adding bns of USD […]<\/p>\n","protected":false},"author":1,"featured_media":547737,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[864,104,72,278],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-deficit","tag-economy","tag-enterpriseam","tag-state-budget","wpautop","entry"],"acf":{"mongo_id":"754262b4-f1df-4206-b9c2-f8bf1868c135","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/114.jpg","photo_position":"above","related_issue":[547732],"teaser":"","voice_url":""},"yoast_head":"\nBudget deficit narrows to 6.1% in FY2021-2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/05\/budget-deficit-narrows-to-6-1-in-fy2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget deficit narrows to 6.1% in FY2021-2022\" \/>\n<meta property=\"og:description\" content=\"Gov\u2019t beats FY2021-2022 budget deficit target -preliminary figures: The budget deficit narrowed to 6.1% of GDP in FY2021-2022 from 7.4% the year before, according to preliminary figures released by Ittihadiya yesterday. 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at a 6.2% clip in FY2021-2022, up from 3.3% the previous year, Planning Minister Hala El Said told CNBC Arabia yesterday.This meets recent government forecasts\u2026: The government had upped its growth forecast for the fiscal year to 6.2% in May on\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/7\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598689,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/02\/finmin-to-set-new-medium-term-economic-targets-as-global-macro-headwinds-build\/","url_meta":{"origin":547736,"position":1},"title":"FinMin to set new medium-term economic targets as global macro headwinds build","author":"enterpriseam admin","date":"2 June 2019","format":false,"excerpt":"EXCLUSIVE- FinMin to set new medium-term economic targets as global macro headwinds build: The Finance Ministry is on track to specify \u201cmore realistic\u201d medium-term targets for Egypt\u2019s key macro indicators in light of a challenging outlook for global growth and volatility in emerging markets, according to official documents seen by\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/773.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556183,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/14\/egypts-budget-deficit-is-expected-to-narrow-to-6-3-of-gdp-imf\/","url_meta":{"origin":547736,"position":2},"title":"Egypt\u2019s budget deficit is expected to narrow to 6.3% of GDP \u2013IMF","author":"enterpriseam admin","date":"14 October 2021","format":false,"excerpt":"Egypt\u2019s budget deficit is still expected to narrow by the end of the current fiscal year, but will shrink at a slower pace over the next several years than previously expected, the IMF said in its latest Fiscal Monitor Report (pdf). The IMF now sees the budget deficit narrowing to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/157.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563837,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/26\/egypt-beats-budget-deficit-primary-surplus-targets-in-2020-21\/","url_meta":{"origin":547736,"position":3},"title":"Egypt beats budget deficit, primary surplus targets in 2020-21","author":"enterpriseam admin","date":"26 July 2021","format":false,"excerpt":"Egypt\u2019s primary surplus, budget deficit beat expectations in 2020-2021: Egypt recorded a primary surplus of 1.4% of GDP, or around EGP 93.1 bn, during FY2020-2021, Ittihadiya said in a statement yesterday.This is comfortably higher than the 0.9% targeted by the government and better than the IMF\u2019s expectations for a 1%\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/7\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":542862,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/20\/primary-surplus-falls-y-o-y-in-1h2021-2022\/","url_meta":{"origin":547736,"position":4},"title":"Primary surplus falls y-o-y in 1H2021-2022","author":"enterpriseam admin","date":"20 January 2022","format":false,"excerpt":"Egypt generated a EGP 3.2 bn primary surplus in 1H2021-2022, Finance Minister Mohamed Maait said during the weekly cabinet meeting yesterday. The surplus came on the back of an increase in tax revenues, which rose 16% y-o-y, the minister said.The surplus is down on an annual basis, but it\u2019s still\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/248.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544781,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/21\/govt-lowers-fy-2022-2023-budget-targets-as-ukraine-conflict-strains-finances\/","url_meta":{"origin":547736,"position":5},"title":"Gov\u2019t lowers FY 2022-2023 budget targets as Ukraine conflict strains finances","author":"enterpriseam admin","date":"21 March 2022","format":false,"excerpt":"FinMin trims budget targets as Ukraine conflict weighs on state finances: The Finance Ministry has revised downwards its fiscal targets for FY 2022-2023 as rising commodities prices put pressure on public finances, according to figures published in an Ittihadiya statement yesterday evening.Deficit still on course to narrow: The government now\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/272.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547736"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547736\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547732"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547737"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547736"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547736"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}