{"id":597662,"date":"2023-08-13T00:00:00","date_gmt":"2023-08-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin\/"},"modified":"2023-08-13T00:00:00","modified_gmt":"2023-08-13T00:00:00","slug":"budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/13\/budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin\/","title":{"rendered":"Budget deficit unexpectedly narrows in FY 2022-2023 -FinMin"},"content":{"rendered":"

The budget deficit came in lower than expected last FY: <\/strong> Egypt\u2019s budget deficit narrowed to 6.0% in the 2022-2023 fiscal year that ended on 30 June, according to figures released by the Finance Ministry<\/a> on Thursday. <\/p>\n

The gov\u2019t wasn\u2019t expecting the budget deficit to narrow: <\/strong>The figure came in below last year\u2019s 6.1%. Preliminary indicators released last month had suggested a deficit of 6.2%, while the ministry put the figure at 6.4%<\/a> in a May estimate.<\/p>\n

Remember: This deficit figure doesn\u2019t account for borrowing in 4Q. <\/strong> The government forecast in May<\/a> an \u201cadjusted budget deficit\u201d of 8.0% for the fiscal year. This figure includes the EGP 165 bn in fresh borrowing<\/a> approved in March to cover debt service and wage and pension hikes in the final quarter of the year.<\/p>\n

An improved primary surplus: <\/strong>In line with preliminary data, the country recorded a primary surplus of 1.6% (EGP 164.3 bn) in FY 2022-2023, up from 1.3% the year before. <\/p>\n

Higher tax revenues + higher spending: <\/strong>Tax revenues rose 27% y-o-y, while spending rose almost 19%, the ministry said, without disclosing the raw figures. Preliminary data had suggested a 23% rise in tax revenues to EGP 1.2 tn and a 16% rise in spending to EGP 2.1 tn. <\/p>\n

Debt \/ GDP increases: <\/strong>The weakening of the EGP against the USD and rising interest rates added another EGP 1.3 tn to the government\u2019s debt bill, or 13.1% of GDP. As a result, the debt-to-GDP ratio rose to 95.6% by the end of FY 2022-23 from 87.4% the year before, in line with expectations. <\/p>\n","protected":false},"excerpt":{"rendered":"

The budget deficit narrowed 0.1 percentage points y-o-y to 6.0%<\/p>\n","protected":false},"author":1,"featured_media":597663,"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":[279,104,72,276],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-597662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-budget-watch","tag-economy","tag-enterpriseam","tag-finance-ministry","wpautop","entry"],"acf":{"mongo_id":"1f882c42-fad4-42ef-9c5e-357fb09af68e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/8\/549.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s budget deficit unexpectedly narrows in FY 2022-2023 - Finance Ministry","related_issue":[597653],"teaser":"The budget deficit narrowed 0.1 percentage points y-o-y to 6.0%","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/8\/.cca39eae-d993-473a-8345-1cc89b4deb04.mp3"},"yoast_head":"\nBudget deficit unexpectedly narrows in FY 2022-2023 -FinMin - 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\/2023\/08\/13\/budget-deficit-unexpectedly-narrows-in-fy-2022-2023-finmin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Budget deficit unexpectedly narrows in FY 2022-2023 -FinMin\" \/>\n<meta property=\"og:description\" content=\"The budget deficit narrowed 0.1 percentage points y-o-y to 6.0%\" \/>\n<meta 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This is significantly smaller than the 6.7% target in the state budget, and comes despite surging food and energy\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\/114.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\/597662","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=597662"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/597662\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/597653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/597663"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=597662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=597662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=597662"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=597662"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=597662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}