Egypt’s real GDP to reach 4.1% in 2023: Ministry of Finance

CAIRO - 14 May 2023: Egypt’s real gross domestic product (GDP) to reach 4.1 percent in the current fiscal year (FY) compared to 6.6 percent last year, The Ministry of Finance reported in its draft budget report.

The report pointed out that the target budget deficit rate by the end of June 2023/2024 is 6.5 percent of the GDP, down from 6.8 percent in the fiscal year 2020/2021.

Egypt maintained a primary surplus of 1.3 percent of GDP in June 2022, financing part of the public debt interest which reduced the total deficit to 6.1 percent last year.

Egypt’s non-tax public revenues increased to LE 351.7 billion, with a growth rate of 29.5 percent compared to LE 271.7 billion in FY20/21.

The total debt-to-GDP declined to 87.2 percent by June 2022 from 90.6 percent the previous year. The spending on social protection increased in the 2021/2022 budget, increasing total expenditures for the past FY by 16 percent amounting to LE 1.8 trillion.